The Economic Outlook and Monetary Policy 09.28.16 Greater Cleveland Partnership Middle-Market Forum, Cleveland, OH

Loretta Mester

No 76, Speech from Federal Reserve Bank of Cleveland

Abstract: It is a pleasure to welcome you to the Federal Reserve Bank of Cleveland. Since my arrival in Cleveland over two years ago, I have seen first-hand the important role that the Greater Cleveland Partnership plays in supporting the growth of our regional economy and I am very proud to serve on its board. Of course, as president of one of the country?s 12 Federal Reserve Banks I have a keen interest in our regional economy. As we gather in the lobby of this historic building, it is hard not to think back to a time more than 100 years ago and applaud the Congressmen ? yes, they were all men back then ? who came up with such an ingenious design for our Federal Reserve System. Congress established the Fed in 1913 as a decentralized central bank, independent within the government but not independent from the government. The Fed?s design balances public-sector and private-sector interests, and Wall Street and Main Street concerns. I believe the design has served the country well by allowing monetary policy decisions to take into account the diversity of the American economy and its people.

Keywords: Economic Growth; Labor Markets; Monetary Policy (search for similar items in EconPapers)
Pages: 13 pages
Date: 2016-09-28
New Economics Papers: this item is included in nep-mac
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