Press Releases
2020
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Does the US Have Scope for Expansion of Short-Time Compensation?
Since March 2020, the COVID-19 pandemic and the efforts to contain its spread have strained the US labor market. Short-time compensation (STC) programs allow firms to reduce workers’ hours temporarily instead of laying them off, with the affected workers receiving some unemployment insurance benefits from the STC program while their hours are reduced. Read More
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Were Major Cities and Counties of the Fourth District Prepared to Meet the Economic Downturn of 2020?
While almost no one anticipated the pandemic-induced shutdown of economic activity experienced this year, local government officials know that the business cycle will sooner or later pull down tax revenues. In this District Data Brief, Cleveland Fed researchers examine how prepared 25 cities and 25 counties in the Cleveland Fed’s Fourth District were for the COVID-19 crisis. Read More
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President's Speech:
President Mester discusses “The Federal Reserve’s New Monetary Policy Strategy” at a Money and Macro Finance Society videoconference. Read More
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President's Speech:
President Mester discusses “An Update on the Effects of the Pandemic on the Economy” in a video message to the Greater Cleveland Partnership Annual Meeting. Read More
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Subprime May Not Have Caused the 2000s Housing Crisis, Finds Cleveland Fed Researcher
This Economic Commentary explains how the housing boom and bust in Cleveland supports the narrative that subprime was largely a consequence of a broader national phenomenon as opposed to a primary cause of subsequent foreclosure crisis. Read More
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Why Are Headline PCE and Median PCE Inflations So Far Apart? Cleveland Fed Researchers Explain.
Headline PCE inflation has typically fallen below median PCE inflation. Despite their shared intention of measuring the central tendency of the PCE basket, the median and headline PCE inflation figures have recently been quite far apart. Read More
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Cleveland Fed Researcher Finds Job Access Has Continued to Decline in Metro Areas Since 2007
The report analyzes 96 US metro areas, providing estimates of the change in job access and urban, suburban, and rural employment growth over a 10-year period. Read More
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President's Speech: President Mester discusses “Toward a More Inclusive Economy” with the African American Chamber of Commerce of Western Pennsylvania
President Mester discusses “Toward a More Inclusive Economy” with the African American Chamber of Commerce of Western Pennsylvania Read More
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President Mester discusses “Payments and the Pandemic” at the Chicago Payments Symposium
President Mester discusses “Payments and the Pandemic” at the Chicago Payments Symposium. Read More
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Update on fed funds rates based on 7 simple monetary policy rules: Cleveland Fed
Looking at the federal funds rates coming from seven simple monetary policy rules and three economic forecasts -- based on data and forecasts available as of September 1, 2020 -- Federal Reserve Bank of Cleveland researchers find that the median federal funds rate across the policy rules and forecasts rises from -2.53 percent in 2020:Q3 to -1.64 percent in 2022:Q3. Read More