Speech by Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Policy Keynote Speech - Bank of Finland and Centre for Economic Policy Research (CEPR) Joint Webinar: “New Avenues for Monetary Policy” - Helsinki, Finland - (via videoconference) – September 10, 2021 9:00 a.m. ET

Graph and download economic data for Other Financial Business; Loans from Federal Reserve Funding, Credit and Liquidity Facility Special Purpose Vehicles; Asset, Level (BOGZ1FL503069075Q) from Q4 1945 to Q2 2025 about funds, liquidity, finance companies, companies, finance, credits, vehicles, financial, loans, assets, and USA.

A central bank is the term used to describe the authority responsible for policies that affect a country’s supply of money and credit. More specifically, a central bank uses its tools of monetary policy—open market operations, discount window lending, changes in reserve requirements—to affect short-term interest rates and the monetary base (currency held by the public plus bank reserves) and to achieve important policy goals.

The idea of monetary policy aimed at producing a stable price level has gained increasing support in the United States in recent years. In 1991, the Neal Resolution proposed to make such a policy objective law. Elsewhere, the notion of price stability has also become more popular. For example, the central banks of Canada and New Zealand recently adopted explicit multiyear targets for inflation, and a commitment to price stability is widely thought to be a necessary condition for successful monetary union in the European Community.

To help private-sector faster payments systems achieve public policy goals of ubiquity, safety, and efficiency, the Federal Reserve could influence governance of the private-sector systems through its leadership role.

Data for Indicator 8.1.1 come from U.S. Federal Reserve in St. Louis. Per capita income is calculated as the personal income of the residents of a given area divided by the population of the area.

Data for Indicator 8.1.1 for Baja California comes from the National Institute of Statistics and Geography (INEGI) Economic Information Bank. Data for Baja California is calculated as Annual growth rate of income per capita (Mexican Pesos).

Graph and download economic data for Other Financial Business; Loans from Federal Reserve Funding, Credit and Liquidity Facility Special Purpose Vehicles; Asset, Transactions (BOGZ1FA503069075A) from 1946 to 2024 about funds, liquidity, finance companies, companies, finance, credits, transactions, vehicles, financial, loans, assets, and USA.

New Privately Owned Housing Completions in the United States by Purpose of Construction, Built for Rent Two or More Units was 113.00000 Thous. of Units in April of 2025, according to the United States Federal Reserve. Historically, New Privately Owned Housing Completions in the United States by Purpose of Construction, Built for Rent Two or More Units reached a record high of 168.00000 in July of 2024 and a record low of 24.00000 in April of 2011. Trading Economics provides the current actual value, an historical data chart and related indicators for New Privately Owned Housing Completions in the United States by Purpose of Construction, Built for Rent Two or More Units - last updated from the United States Federal Reserve on November of 2025.

All Employees: Durable Goods: Other General Purpose Machinery Manufacturing in California was 15.70000 Thous. of Persons in January of 2024, according to the United States Federal Reserve. Historically, All Employees: Durable Goods: Other General Purpose Machinery Manufacturing in California reached a record high of 31.90000 in January of 1990 and a record low of 15.10000 in January of 2020. Trading Economics provides the current actual value, an historical data chart and related indicators for All Employees: Durable Goods: Other General Purpose Machinery Manufacturing in California - last updated from the United States Federal Reserve on November of 2025.

This paper presents a tabletop exercise designed to analyze macroprudential policy. Several senior Federal Reserve officials were presented with a hypothetical economy as of 2020: Q2 in which commercial real estate and nonfinancial debt valuations were very high. After analyzing the economy and discussing the use of monetary and macroprudential policy tools, participants were then presented with a hypothetical negative shock to commercial real estate valuations that occurred in the second half of 2020. Participants then discussed the use of the tools during an incipient downturn. Some of the findings of the exercise were that during an asset boom, there were limits to the effectiveness of US macroprudential tools in controlling narrow risks and that changes to the fed funds rate may not always simultaneously meet macroeconomic and financial stability goals. Some other findings were that during a downturn, it would be desirable to use high-frequency indicators for deciding when to release the countercyclical capital buffer (CCyB) and that tensions exist between microprudential and macroprudential goals when using the CCyB and the stress test.

All Employees: Durable Goods: Other General Purpose Machinery Manufacturing in Tulsa, OK (MSA) was 4.90000 Thous. of Persons in December of 2018, according to the United States Federal Reserve. Historically, All Employees: Durable Goods: Other General Purpose Machinery Manufacturing in Tulsa, OK (MSA) reached a record high of 6.60000 in April of 1998 and a record low of 4.40000 in February of 1990. Trading Economics provides the current actual value, an historical data chart and related indicators for All Employees: Durable Goods: Other General Purpose Machinery Manufacturing in Tulsa, OK (MSA) - last updated from the United States Federal Reserve on November of 2025.

New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the Northeast Census Region was 20.00000 Thous. of Units in April of 2025, according to the United States Federal Reserve. Historically, New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the Northeast Census Region reached a record high of 20.00000 in October of 2019 and a record low of 2.00000 in January of 2004. Trading Economics provides the current actual value, an historical data chart and related indicators for New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the Northeast Census Region - last updated from the United States Federal Reserve on November of 2025.

New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the Midwest Census Region was 14.00000 Thous. of Units in April of 2025, according to the United States Federal Reserve. Historically, New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the Midwest Census Region reached a record high of 28.00000 in April of 2024 and a record low of 2.00000 in January of 2010. Trading Economics provides the current actual value, an historical data chart and related indicators for New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the Midwest Census Region - last updated from the United States Federal Reserve on November of 2025.

New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the South Census Region was 47.00000 Thous. of Units in April of 2025, according to the United States Federal Reserve. Historically, New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the South Census Region reached a record high of 90.00000 in July of 2024 and a record low of 9.00000 in April of 2011. Trading Economics provides the current actual value, an historical data chart and related indicators for New Privately Owned Housing Completions by Purpose of Construction, Built for Rent Two or More Units in the South Census Region - last updated from the United States Federal Reserve on November of 2025.

New Privately Owned Housing Starts by Purpose of Construction, Built for Rent Two or More Units in the Northeast Census Region was 19.00000 Thous. of Units in April of 2025, according to the United States Federal Reserve. Historically, New Privately Owned Housing Starts by Purpose of Construction, Built for Rent Two or More Units in the Northeast Census Region reached a record high of 30.00000 in April of 2015 and a record low of 1.00000 in January of 1991. Trading Economics provides the current actual value, an historical data chart and related indicators for New Privately Owned Housing Starts by Purpose of Construction, Built for Rent Two or More Units in the Northeast Census Region - last updated from the United States Federal Reserve on November of 2025.

For many years, monetary policy has been implemented largely through the pursuit of monetary aggregate targets. The Federal Open Market Committee (FOMC), the policy making arm of the Federal Reserve System, sets target ranges for the growth of various monetary aggregates, which are intended to be consistent with the broader objectives of policy.

United States - Industrial Production: Manufacturing: Durable Goods: Commercial and Service Industry Machinery and Other General Purpose Machinery (NAICS = 3333,9) was 112.38910 Index 2012=100 in April of 2025, according to the United States Federal Reserve. Historically, United States - Industrial Production: Manufacturing: Durable Goods: Commercial and Service Industry Machinery and Other General Purpose Machinery (NAICS = 3333,9) reached a record high of 112.38910 in April of 2025 and a record low of 32.00610 in January of 1972. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Industrial Production: Manufacturing: Durable Goods: Commercial and Service Industry Machinery and Other General Purpose Machinery (NAICS = 3333,9) - last updated from the United States Federal Reserve on November of 2025.

New Privately Owned Housing Completions by Purpose of Construction, Built for Sale Total Two or More Units in the Northeast Census Region was 3.00000 Thous. of Units in April of 2025, according to the United States Federal Reserve. Historically, New Privately Owned Housing Completions by Purpose of Construction, Built for Sale Total Two or More Units in the Northeast Census Region reached a record high of 10.00000 in April of 2006 and a record low of 1.00000 in April of 1999. Trading Economics provides the current actual value, an historical data chart and related indicators for New Privately Owned Housing Completions by Purpose of Construction, Built for Sale Total Two or More Units in the Northeast Census Region - last updated from the United States Federal Reserve on December of 2025.

New Privately Owned Housing Completions by Purpose of Construction, Built for Sale Total Two or More Units in the West Census Region was 2.00000 Thous. of Units in April of 2025, according to the United States Federal Reserve. Historically, New Privately Owned Housing Completions by Purpose of Construction, Built for Sale Total Two or More Units in the West Census Region reached a record high of 9.00000 in October of 2006 and a record low of 0.00000 in January of 2012. Trading Economics provides the current actual value, an historical data chart and related indicators for New Privately Owned Housing Completions by Purpose of Construction, Built for Sale Total Two or More Units in the West Census Region - last updated from the United States Federal Reserve on October of 2025.

This paper revisits the phenomenon of stagflation. Using a standard New Keynesian dynamic, stochastic general equilibrium model, we show that stagflation from monetary policy alone is a very common occurrence when the economy is subject to both deviations from the policy rule and a drifting inflation target. Once the inflation target is fixed, the incidence of stagflation in the baseline model is essentially eliminated. In contrast with several other recent papers that have focused on the connection between monetary policy and stagflation, we show that while high uncertainty about monetary policy actions can be conducive to the occurrence of stagflation, imperfect information more generally is not a requisite channel to generate stagflation.