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  • Here’s why the Fed is buying corporate bond-related assets

    Because of the COVID-19 shutdown, more investors may want to sell off investments to turn them into cash to pay their bills. The Fed is acting to help. See the infographic.

  • How the Fed is helping municipalities

    The Fed is lending billions to eligible cities, counties, and states to support the families, businesses, and jobs that depend on and call these places home. See the infographic.

  • Building a bridge to get us over this crisis

    Through two efforts, the Federal Reserve is working to get money into the hands of hard-hit small and medium-sized businesses. The work is complex, but these infographics are not.

  • A Message from Loretta J. Mester, President and CEO

    Racial injustice is not acceptable nor can it be tolerated. None of us should allow this time to pass by without a renewed commitment to take action against systemic racism and to take action for racial and economic equality. Read more

  • Building a Reslient Workforce

    Cleveland Fed President and CEO Loretta J. Mester, Fed Chair Jerome Powell, and Youngstown-area business and community leaders met (virtually) to discuss ways regions and cities can help their workforces better withstand and recover from shocks. Watch the video.

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  • How Aggregation Matters for Measured Wage Growth

    Michael Morris Robert Rich Joseph Tracy

    Wage growth is often measured by the change in average hourly earnings (AHE), a gauge of overall wages that aggregates information on earnings and hours worked across individuals. A close look at this aggregation method demonstrates that AHE growth reflects disproportionately the profile of high-earning workers who typically display lower and less cyclically sensitive wage growth. Using data from the Current Population Survey (CPS), we adopt a different aggregation method and compute wage growth as the average of individuals’ wage growth. The analysis indicates that the CPS measure of average wage growth is significantly higher than AHE growth and that it displays a more meaningful nonlinear relationship with the Congressional Budget Office’s unemployment gap. Last, our findings do not support the claim that there was hidden slack in the labor market during the recent expansion that was restraining wage growth. Read More

  • Measuring Deaths from COVID-19

    Dionissi Aliprantis Kristen Tauber

    Medical data are new to the analyses and deliberations of Federal Reserve monetary policymakers, but such data are now of primary importance to policymakers who need to understand the virus’s trajectory to assess economic conditions and address the virus’s impacts on the economy. The number of deaths caused by COVID-19 is one key metric that is often referred to, but as with other COVID metrics, it is a challenge to measure accurately. We discuss the issues involved in measuring COVID-19 deaths and argue that the change in the number of directly observed COVID-19 deaths is the most reliable and timely approach when using deaths to judge the trajectory of the pandemic in the United States, which is critical given the current inconsistencies in testing and limitations of hospitalization data. Read More

  • The Effect of the 2017 Tax Reform on Investment

    Filippo Occhino

    The 2017 tax reform affected investment through many channels. I use a macroeconomic model to estimate the overall effect. That estimate suggests that, because the different provisions worked in different directions, the initial impact of the tax reform on investment was small. The same model predicts that the tax reform will hold investment down in the medium term. Read More


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  • Policy Rules
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Responding to Coronavirus Disease 2019 (COVID-19)

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Loretta J. Mester