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.
We use flows into and out of unemployment to estimate the unemployment rate over the next year. This approach produces less stark projections for the unemployment rate over the course of the next year than some of the more alarming projections that have been reported. Using our approach and assuming that the severest social-distancing measures will be lifted in June, we estimate that the unemployment rate will peak in May at about 16 percent but gradually decline thereafter and end the year at 7.5 percent.
With businesses closed and orders to shelter in place, many tenants—especially those with low- to moderate-incomes—are finding themselves unemployed, unable to pay their rents, and subject to eviction. There are resources to help.
We summarize the results from an ongoing survey that asks consumers questions related to the recent coronavirus outbreak, including their expectations for how the economy is likely to be affected by the outbreak and how their own behavior has changed in response to it. The survey began in early March, providing a window into how consumers’ responses have evolved in real time since the early days of the acknowledged spread of COVID-19 in the United States. In updating and charting the survey’s findings on the Cleveland Fed’s website going forward, we seek to inform policymakers and researchers about consumers’ beliefs during a time of high uncertainty and unprecedented policy responses.
The conference will provide researchers an opportunity to present findings related to inflation. Global health conditions and travel restrictions necessitate that this conference will take place virtually. Links to the virtual conference sessions will be shared as they become available.