Issue #12 | February 27, 2018
Recently, from the Cleveland Fed
Rust and Renewal: Retrospectives on three metro areas’ progress and struggles
See how Cleveland, Cincinnati, and Pittsburgh—once major centers of manufacturing—have fared during roughly the last half-century as manufacturing and other key sectors of their economies have evolved. Dig into our new industrial heartland pages.
Three recommendations for helping people understand how monetary policy is set
Cleveland Fed President Loretta J. Mester offers recommendations for how Federal Open Market Committee (FOMC) participants can give the public a better sense of the relationship between changes in monetary policy and changes in the economic outlook. Clearer communication helps households and businesses make better saving, borrowing, investing, and employment decisions. Read the full speech.
Researchers explore the Great Recession’s varied effects across the United States
The Great Recession had a huge impact on employment across the country, but that impact was not by any means uniform in each of the 50 states. Natural-resource-rich states such as North Dakota were able to weather the recession well, while some states had slower recoveries. See six maps, revealing conditions by state over time.
The relationship between financial stability and monetary policy
During a recent panel, Cleveland Fed President Loretta J. Mester outlined defenses against financial instability, the Fed’s framework for monitoring financial stability, and a tabletop exercise policymakers conducted in 2015 to test available tools for handling financial concerns. Read the full speech.
Why is the Cleveland Fed invested in studying manufacturing trends and impacts?
We want to have a good understanding of how our region is developing, and the Cleveland Fed’s multipart study—the industrial heartland working paper, the Economic Commentary, and the Industrial Heartland Series—offers a view of the area’s performance and the factors behind that performance. Our region is gradually diversifying away from manufacturing, and this change is normal. It should happen.
Yet our region is still sensitive to manufacturing trends. When Loretta [Cleveland Fed President Loretta J. Mester] speaks at the Federal Open Market Committee [FOMC] meetings, the anecdotes and analysis that are more focused on a manufacturing perspective are an important part of the regional information that the Fourth Federal Reserve District provides the committee. In order to be well-informed about manufacturing in the region, we need to know the big picture and not just the short-term issues. This study offers that big-picture view.
Mark E. Schweitzer
is a senior vice president in the Research Department at the Federal Reserve Bank of Cleveland.
On the Calendar
2018 National Interagency Community Reinvestment Conference (Miami, FL)
Engaging Workers in Creating Good Jobs (free webinar, in connection with the Federal Reserve’s
Investing in America’s Workforce initiative)
2018 State of the Region address by Cleveland Fed senior vice president Mark E. Schweitzer (Perrysburg, OH)
In Search of the Employment “High Road”: A Research Perspective on Developing Good Jobs (free webinar, in connection with the Federal Reserve’s Investing in America’s Workforce initiative)
From around the Federal Reserve System
Cash still king?
The demand for cash continues to increase—the amount in circulation hit $1.43 trillion in October 2016—finds a study by three Federal Reserve Banks. Data from the Federal Reserve’s Diary of Consumer Payment Choice show that 60 percent of in-person payments less than $10 were made with cash.
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