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Press Release

Cleveland Fed Announces Officer Appointments

Paola Boel has been promoted to vice president and group leader for the banking and finance group in the Research Department at the Federal Reserve Bank of Cleveland. In this role, she will provide oversight for the research and policy analysis conducted by the group.

Boel joined the Bank in August 2020 as a senior research economist. Her fields of interest include monetary theory, payment systems, and financial intermediation. Prior to joining the Cleveland Fed, she was a senior economist in the Research Division of Sveriges Riksbank, the central bank of Sweden. Boel has also been an assistant professor of economics at Bowdoin College.

She holds a BA in economics from Bocconi University in Milan, Italy, and an MA and PhD in economics from Purdue University.

Ju-Ting Hsiao has been appointed assistant vice president of application support for the Treasury Services Department, effective August 16. In this role, Hsiao will have responsibility over four functional areas within Treasury Services, supporting multiple programs within the revenue collections management portfolio, including, Transforming Tax Collections, and the Mobile program.

Since joining the Bank in 2012 as a senior software developer, she has held various positions of increasing responsibility. Most recently, she has been a senior solution and design delivery manager in the Information Technology Department.

Hsiao holds a bachelor’s degree in account and computer information systems and a master’s degree in computer information systems from Eastern Michigan University.

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,, 513.218.1892