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Press Release

Papers-Presentations from Cleveland Fed-OFR Conference on Financial Stability Analysis

As 2012 drew to a close, the Federal Reserve Bank of Cleveland gathered some of the world’s leading monetary historians to apply their insights to current policy debates. The spring issue of the Bank’s policy publication, Forefront, presents some highlights from that conference, including:

  • Vanderbilt University economist Peter Rousseau drawing on the United States’ circuitous road to achieving a monetary union for insight into the prospects for today’s European Union (EU)
  • An interview with Barry Eichengreen from the University of California, Berkeley, who reminds us to be careful about applying lessons from the past (posted online on 5/24)
  • A review of the Fed’s first (and lasting) job -- lender of last resort -- by David Wheelock from the St. Louis Fed and Mark Carlson from the Federal Reserve Board, and
  • Remarks by Carnegie Mellon University’s Allan Meltzer on monetary policy rules.

Reflecting on the conference, Bank President Sandra Pianalto writes, “I believe that policy set in an echo chamber will most certainly not lead to the best outcomes. A robust and open discussion is an essential part of the policy-setting process.”

Forefront’s spring issue also:

  • Examines the changing role of the bank examiner, and
  • Provides a look at how the Cleveland Fed contributes to the Federal Reserve’s “Beige Book,” a periodic report on economic conditions around the country.


Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.455.4479