Federal Reserve Bank of Cleveland Names Edward S. Knotek II as Next Research Director

Edward S. Knotek II has been appointed the Federal Reserve Bank of Cleveland’s next Director of Research, effective January 1, 2023. He succeeds Ellis W. Tallman, who is transitioning to a new role as Executive Vice President, Senior Economic Policy Advisor.

As Senior Vice President and Director of Research, Knotek will serve as chief economic advisor to President and Chief Executive Officer Loretta J. Mester, providing counsel on the economic outlook, monetary policy, and related matters. He will lead the Bank’s staff of economists and analysts, attend meetings of the Federal Open Market Committee (FOMC), serve on the Bank’s Executive Leadership Team, and continue to lead the Cleveland Fed’s Center for Inflation Research.

Knotek joined the Federal Reserve Bank of Cleveland as a vice president in the Research department in 2012 and was promoted to senior vice president in 2017 and to associate director of Research in 2021.

While at the Cleveland Fed, he has played a critical role in designing and launching the Center for Inflation Research and expanding the Bank’s macroeconomic forecasting group, responsible for developing models for economic forecasting and policy analysis. Knotek’s research agenda has included work on firms’ price-setting behavior, inflation dynamics, inflation nowcasting, unemployment fluctuations over the business cycle, and consumers’ responses to uncertainty.

“Ed is a distinguished macroeconomist with expertise in monetary policy and forecasting,” President Mester said. “He will be an excellent leader of our Research Department and I look forward to continuing to work with Ed in his new role.”

Prior to joining the Bank, Knotek was a vice president and research economist at the Federal Reserve Bank of Kansas City. He is originally from the Cleveland area and holds a BA in mathematics-economics and Spanish from Denison University and an MA and PhD in economics from the University of Michigan.

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, doug.campbell@clev.frb.org, 513.455.4479