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Issue #5 | August 1, 2017

Recently, from the Cleveland Fed

  • Home loan outcomes vary by race, income, county

    Home loan outcomes vary by race, income, county

    In new analyses of Home Mortgage Disclosure Act data from 2 counties, Allegheny and Cuyahoga, Cleveland Fed researchers look at mortgage lending in pre- and post-Great Recession periods and find notable differences. A companion article highlights 4 findings the reports reveal.​

  • Policy Summit videos now online

    Policy Summit videos now online

    You didn’t have to be in Cleveland to see 4 sessions from the 2017 Policy Summit on Housing, Human Capital, and Inequality, including a plenary on race and inequality and a panel on how art connects residents with each other and with opportunity. Watch here.

  • Find the banking and regional content you want

    Find the regional content you want

    Check out the newly revamped Region section of Whether you’re a banker, consumer, researcher, or other user, easily find the content you seek—from interactive charts to regional data and analyses.

  • Let us pick your brain

    Let us pick your brain

    We’re pulling data and interviewing subject matter experts about bank lending for an upcoming article, and we want to try to answer your questions, too. As you look back over recent years, what observations and questions do you have about bank lending? What’s changed? Send us your input by August 15.

Graphic of the Month

Toledo metro area outperforms

During the 12 months ending in September 2016, job growth in the professional and business services sector was stronger in the Toledo metro area than in Ohio or in the nation.

Ask the Expert


You’ve studied bans on the use of affirmative action in admissions to public universities. What have you found? ​


One result I’ve found that may not be entirely obvious to people is that affirmative action bans don’t generally have effects on whether people go to college. So it’s not the case that if a state bans affirmative action, lots of people will be shut out. It’s that they go to different colleges than they may have otherwise. In general, when a state bans the use of affirmative action in admissions to public universities, what happens is that underrepresented minority students, meaning black, Hispanic, or Native American students, tend to cascade down from more selective colleges to slightly less selective colleges.

My more recent work has studied the effects of affirmative action bans on racial segregation across colleges. People have a loose idea of what segregation is, but when doing research like this, we need to be precise. I use standard segregation indexes in order to quantify the extent to which members of different groups are attending different schools from each other.​

A lot of people would think that if you ban affirmative action, it will lead to more segregation. That’s what I’ve found in some cases, but in others, it appears that banning affirmative action actually reduces segregation. In some states, like California, for example, the place where minority students are missing the most is not at the very high end of the college quality spectrum, but it’s slightly below that. So what affirmative action bans do in some cases is shift minority students from the high end to places that had low minority representation before, thus evening out minority representation across schools.​​

Peter Hinrichs

Peter Hinrichs,

a senior research economist at the Cleveland Fed, studies the economics of education and education policy.

On the Calendar

  • September 23–26

    National Association for Business Economics (NABE) Annual Meeting (Cleveland, OH)
    Keynote address by Federal Reserve System Chair Janet Yellen. Cleveland Fed President and CEO Loretta J. Mester will moderate a panel discussion.

  • October 4–6

    Investing in America’s Workforce Capstone Conference (Austin, TX)​

Summer touring, had me a blast

Spend some vacation time visiting the Learning Center and Money Museum!
Admission is free. Open Monday–Thursday, 9:30 am–2:30 pm.

From around the Federal Reserve System

Federal Reserve Bank of Philadelphia: Apprenticeship Guide 2017

Apprenticeships aren’t just for construction and skilled trades anymore

The Federal Reserve Bank of Philadelphia’s Apprenticeship Guide identifies apprenticeship trends, successes, and challenges, along with program profiles, contacts, resources, and 5 detailed case studies.

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