Mark Schweitzer is senior vice president at the Federal Reserve Bank of Cleveland. He advises and informs the Cleveland Reserve Bank’s president and board of directors on regional economic developments and economic policy issues.
Suggested citation: "Is an Explicit Inflation Objective Consistent With a Dual Mandate?,” Federal Reserve Bank of Cleveland, Annual Report 2010: Price Stability: Why We Seek It and How Best to Achieve It, 12.31.2010.
The number of people living in urban neighborhoods has been rising in recent decades. This Commentary investigates changes in the number, ages, and financial status of those who have been moving into and out of urban neighborhoods, using data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel. I find that since 2000, the
increase in urban populations is the result of young adults migrating into urban neighborhoods and senior citizens aging in place. Urban populations have also become more educated and well to do. While declining urban neighborhoods may still outnumber growing urban neighborhoods within some regions, urban leaders there can work toward population or tax base growth knowing that consumer tastes and national trends are favorable to those goals.
Urban areas seem to be enjoying a renaissance of sorts due in part to the many young professionals who have moved into central neighborhoods since the 2000s. Many of these young professionals are thought to move back out after they have started families, but the details of these migration patterns are not well-known. I analyze data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel to answer 12 questions about these temporary
urbanists—those who choose to move into an urban neighborhood and spend part of their early adulthood there.
The economic conference will provide researchers from academia and central banks an opportunity to exchange new ideas on modeling inflation and inflation expectations and their relationship to the macroeconomy.