News from the Fed

  • Fraud Alert
  • Some consumers have received an email claiming they have a wire transfer from the Federal Reserve. These communications are fraudulent. Read more about Frauds and Scams Read more
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  • Where would the fed funds rate be if it could be negative? As much as 5 to 6 percentage points below zero during 2009-2010, say Cleveland Fed researchers
  • In the wake of the Great Recession, the Federal Reserve reduced its target for the federal funds rate, its chief policy tool, to a range of 0 percent to 0.25 percent. Read more
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  • The Taylor rule: GDP gap vs growth rate
  • Cleveland Fed researchers focus on the Taylor rule, a rule of thumb that suggests that the Federal Reserve generally responds to movements in inflation and economic activity. Read more
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  • Policy Rules in Macroeconomic Forecasting Models
  • This Commentary describes how some of the Cleveland Fed’s macroeconomic forecasting models have been modified to use a Taylor rule for monetary policy Read more
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From President Pianalto

Sandra Pianalto, President and CEO, Federal Reserve Bank of Cleveland
Sandra Pianalto
President and CEO
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Rebuilding Communities: Lessons from the Cleveland Fed’s 2012 Policy Summit

The latest issue of Forefront, the Cleveland Fed’s policy magazine, explains the newest research and ground-level evidence on what works in community development. From holistic approaches in economic development to a critical review of education reform efforts-find out what participants at one of the nation’s largest gathering of community development experts have to say. Read more

Economic Conditions in the Fourth District

Want to keep tabs on economic conditions in the Fourth District? Bookmark our updated Regional web pages. You’ll find new maps and data for Kentucky, Ohio, Pennsylvania, West Virginia, and the major metropolitan areas of the region. You’ll also find analysis of regional trends and growth factors. Read more

President Pianalto Reflects on Leadership, Fed Policy Actions, and the Value of a College Degree

As part of her remarks to students at Miami University’s Farmer School of Business in Oxford, Ohio, Federal Reserve Bank of Cleveland President Sandra Pianalto described recent Federal Reserve monetary policy actions. She also shared some observations on the value of a college degree. Read more

Foreclosed in 2009 -2010?

If you were involved in a foreclosure in 2009-2010, you may be entitled to an independent foreclosure review. Act soon - the Federal Reserve Board and the Office of the Comptroller of the Currency recently extended the application deadline to December 31, 2012. This YouTube video from the Federal Reserve Board of Governors explains who is eligible for the foreclosure review, how to get started, and what to expect. Read more

Cleveland Fed Emphasizes Stress Measurement to Promote Financial Stability

The Federal Reserve Bank of Cleveland has developed a tool - the Cleveland Financial Stress Index, or CFSI - that can monitor the condition of broad financial sectors and provide insight into the factors that are adversely affecting these markets. Read more

Career Opportunities

Learn more about the opportunities to make a difference with the Federal Reserve Bank of Cleveland. Read more

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Credit Easing Policy Tools

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Latest Economic Research

  • Gaps versus Growth Rates in the Taylor Rule
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  • There are many possible formulations of the Taylor rule. We consider two that use different measures of economic activity to which the Fed could react, the output gap and the growth rate of GDP, and investigate which captures past movements of the fed funds rate more closely. Looking at these rules through the lens of a partial-adjustment Taylor rule, we conclude that the gap rule does a better job of explaining the actual funds rate data, and provides a better rule-of-thumb for understanding historical monetary policy. Read more  (PDF)
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  • Policy Rules in Macroeconomic Forecasting Models
  • This Commentary describes how some of the Cleveland Fed’s macroeconomic forecasting models have been modified to use a Taylor rule for monetary policy. After briefly describing the Taylor rule implementation, the article shows that the Taylor rule included in one of our models successfully captures the course of monetary policy in the most recent episode of policy tightening. Read more  (PDF)
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  • Where Would the Federal Funds Rate Be, If It Could Be Negative?
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  • In the wake of Great Recession, the Federal Reserve engaged in conventional monetary policy actions by reducing the federal funds rate. But soon the rate hit zero, and could go no lower. In such environments, policymakers still think in terms of where the federal funds rate should be, were it possible to go negative. To project the "unconstrained path" of the funds rate—ignoring the zero lower bound—and to identify the key underlying shocks driving that path, we employ a statistical macroeconomic forecasting model. We find that the federal funds rate would have been extremely negative during 2009-2010. Read more  (PDF)
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  • Changes in Household Borrowing across Metropolitan Areas
  • Much of the increase in household debt last decade was driven by mortgage borrowing, which accounts for between 70 and 80 percent of U.S. household liabilities. Because this borrowing was driven by (and also drove) high home-price appreciation in some parts of the country, there is a clear geographic pattern to changes in credit usage over the last decade. Read more
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