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Articles by Wesley Janson
How Well Did PPP Loans Reach Low- and Moderate-Income Communities?
(PDF ) DOI: 10.26509/frbc-ec-202113 We investigate the degree to which Paycheck Protection Program (PPP) loans reached small businesses in low- and moderate-income (LMI) communities. We use PPP loan data from the Small Business Administration that we geocode and link to census tracts.
Is It Time to Reassess the Focal Role of Core PCE Inflation?
05.18.21 Randal J. Verbrugge Senior Research Economist Randal Verbrugge's primary areas of research are inflation modeling and measurement, macroeconomics, and housing. Read bio… In this paper, I review the history of “core” PCE inflation and its rationale: remove volatile items with transitory shocks to better highlight the trend in inflation.
A Bright Outlook for the U.S. Economy
05.05.21 Loretta J. Mester The Boston Economic Club, Boston, MA (via videoconference), 12:00 noon EDT (PDF ) I thank Juhi Dhawan for the invitation to speak with the Boston Economic Club today and to share my thoughts on the economy and monetary policy. Of course, those thoughts will be my own and not necessarily those of the Federal Reserve System or of my colleagues on the Federal Open Market Committee.
Economic Inclusion 2000-2020: Labor Market Trends by Race in the US and States
(PDF ) DOI: 10.26509/frbc-ec-202106 This Commentary examines the extent to which disparities exist between Blacks and whites in labor market outcomes such as levels of labor force participation, unemployment rates, and earnings. To gauge whether disparities have narrowed or widened since 2000, national trends in these outcomes during the past two decades are compared to the trends in three states: Kentucky, Ohio, and Pennsylvania.
Did the COVID-19 Pandemic Cause an Urban Exodus?
(PDF ) | ISSN 2691-9710 | DOI: 10.26509/frbc-ddb-20210205 Click here for updated tables and figures One constant through the upheavals of 2020 was the steady stream of media reports about residents’ fleeing dense urban areas.1 In this data brief, I use the Federal Reserve Bank of New York/Equifax Consumer Credit Panel (CCP) and find that migration flows were in fact very unfavorable for urban neighborhoods in 2020. However, people’s taking flight from urban areas is only part of the story.
Atlanta and Cleveland Feds release report on minority-owned small businesses based on findings from the 2016 Small Business Credit Survey
11.09.17 The report compares the experiences of minority-owned small businesses to firms with more than 50% white ownership The Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Cleveland today issued the third in a series of reports that examines the results of an annual survey of small business owners. The Report on Minority–Owned Firms focuses on firms in which Asian, African American, Hispanic, or Native American individuals own more than 50% of the business.
Fintech, Bigtech, and Financial Inclusion
11.09.20 Loretta J. Mester Fourth Annual Fintech Conference, Federal Reserve Bank of Philadelphia, Philadelphia, PA (via videoconference) (PDF ) I thank the Federal Reserve Bank of Philadelphia and the other organizers for inviting me to speak at the fourth annual Fintech Conference. I spent most of my career at the Philadelphia Fed, so it is always a pleasure to participate in one of its events.
The Federal Reserve’s New Monetary Policy Strategy
10.21.20 Loretta J. Mester 6th Annual Monetary and Financial Policy Conference, Money Macro and Finance Society, London, UK (via videoconference) (PDF ) I thank Paul Mizen and the Money Macro and Finance Society for the opportunity to speak at your 6th Annual Conference.
Subprime May Not Have Caused the 2000s Housing Crisis: Evidence from Cleveland, Ohio
(PDF ) DOI: 10.26509/frbc-ec-202025 During the 2000s housing bust, Cleveland’s Slavic Village was dubbed “ground zero of the foreclosure crisis” by the national media. Despite this, during the preceding housing boom Cleveland had stable house price growth and relatively low mortgage debt growth, a stark contrast to circumstances in areas such as California that had exceptionally high house price and mortgage debt growth.
Why Are Headline PCE and Median PCE Inflations So Far Apart?
(PDF ) DOI: 10.26509/frbc-ec-202024 Mean (or headline) PCE inflation has typically fallen below median PCE inflation, and since 2012 the difference has been large. To understand the reasons for this trend, we investigate which components of the headline measure are contributing to the difference.
Research [in] Brief: Tax Cuts and Business Investment
Download pdf FULL TEXT Primary issue One anticipated effect of the 2017 Tax Cuts and Jobs Act was to stimulate businesses’ investment in things to help increase sales or profit margins in the future—new technology, research and development, machines, land, or buildings. But that investment grew more slowly after the tax reform than before it. Key findings The corporate tax cuts that were part of the Tax Cuts and Jobs Act included two provisions. One was a permanent cut in the corporate tax rate.
Payments and the Pandemic
09.23.20 Loretta J. Mester Keynote Session, 20th Anniversary Chicago Payments Symposium – Federal Reserve Bank of Chicago (via videoconference) (PDF ) It is a great pleasure being with you today as part of the 20th Anniversary Chicago Payments Symposium. Over the last two decades, this symposium has established itself as a valuable forum at which those interested in the payments system can gather to learn and share ideas.
Data Updates: Measuring Evictions during the COVID-19 Crisis
01.25.21 Hal Martin Policy Economist Hal Martin conducts research related to housing markets. His current work focuses on the effects of tax and rental subsidies to housing. Read bio… Note: The visualizations on this page are not compatible with Internet Explorer or older versions of Edge. Originally published on September 2, 2020 These data updates capture weekly eviction filing counts for 63 jurisdictions across the US, representing approximately 13 percent of renter households in the country.
An Update on the Economy and Monetary Policy
09.02.20 Loretta J. Mester Keynote Session, 2020 Economic Measurement Seminar, The NABE Foundation (via videoconference) (PDF ) I thank Jack Kleinhenz for inviting me to participate in the NABE Foundation’s 2020 Economic Measurement Seminar. I last spoke at a NABE conference in February. That was only six short months ago, but it seems like a lifetime. Many things have changed since then, including current economic conditions and the outlook for the economy and monetary policy.
Layoffs during the COVID-19 Pandemic: Four Findings from WARN Act Data
08.27.20 Rubén Hernández-Murillo Policy Economist Rubén Hernández-Murillo’s primary research interests include public economics, regional and urban economics, and real estate economics. Read bio… Pawel Krolikowski Research Economist Pawel Krolikowski's primary research interests are labor economics, business cycles, worker mobility, and unemployment.
The Economy and Monetary Policy in Our Challenging Times
08.05.20 Loretta J. Mester 2020 Liberal Arts Macroeconomics Conference, Pomona College, Claremont, CA (via videoconference) (PDF ) I thank Dean Croushore and the organizers of the 2020 Liberal Arts Macroeconomics Conference for inviting me to present in the keynote session. I also want to acknowledge the important role that the participants in this conference play in our economy and in society.
Assessing Layoffs in Four Midwestern States during the Pandemic Recession
(PDF ) DOI: 10.26509/frbc-ec-202021 We use WARN data to assess layoffs in four Midwestern states during the current pandemic-induced recession—Kentucky, Ohio, Pennsylvania, and West Virginia. The data come from the advance layoff notices filed under the Worker Adjustment and Retraining Notification (WARN) Act.
The Fed’s Term Asset-Backed Securities Loan Facility, explained
FULL TEXT America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted.
Infographics Library
07.01.20 The Information Effect of Monetary Policy: Self-Defeating or Optimal? Wesley Janson Chengcheng Jia As the Federal Reserve has become more transparent about its decisions on the federal funds target rate, the general public has begun to regard the rate as not only a benchmark interest rate, but also as a signal about the state of the economy. However, the specific information considered by the public to be revealed is not clearly understood.
Measuring Evictions during the COVID-19 Crisis
(PDF ) | DOI: 10.26509/frbc-cd-20200717 Abstract Evictions are a serious risk for households facing job loss and economic upheaval during the COVID-19 pandemic, and temporary policies put in place to protect renters are beginning to expire. To understand how the crisis is affecting evictions, we measured eviction filing activity across 44 cities and counties.
Cleveland Fed research measures evictions during the COVID-19 crisis, finds filings have almost returned to prepandemic levels as temporary policies to protect renters begin to expire
07.17.20 Evictions are a serious risk for households facing job loss and economic upheaval during the COVID-19 pandemic, and temporary policies put in place to protect renters have begun to expire. In this report, Cleveland Fed researchers Rebecca Cowin, Hal Martin, and Clare Stevens explore how evictions are evolving in real time across 44 cities and counties and how state and local eviction regulations affect the trends in eviction filings as the pandemic crisis unfolds.
The Fed’s Primary Market Corporate Credit Facility, explained
Download pdf FULL TEXT America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted. The challenge: Under normal economic conditions, larger businesses can raise funds by issuing corporate bonds.
Man cries: No more damned lawn mowing!
Platteville, Wisconsin. Profoundly loaded with PTSD and tons of irreversible emotional baggage from his highly traumatizing 56 minutes of mowing a quarter-mile stretch of lawn at Excel Brushworks Inc., 44-year-old part-time janitor Luke Wesley desperately screamed, Thursday, that he doesn't want to mow lawns anymore.
The Fed’s Municipal Liquidity Facility, explained
FULL TEXT America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted. The challenge: Many of the revenues that cities, states, and counties take in have been adversely impacted by the pandemic.
Overwhelmed Substance Abuse Counselor Pleas With General Managers And Corporate To Reduce Alcohol And Drug Testing For The Sake Of Production
Grand Rapids, Michigan. After deeply reflecting on the fact that Timber Tech's Best Craft Furniture & Decking Boards, Inc.
Severely Dehydrated Local Man Suffering Mid-Life Crisis Screams That He Doesn't Want To Waste His Life Mowing Laws Anymore
Platteville, Wisconsin. Profoundly loaded with PTSD and tons of irreversible emotional baggage from his highly traumatizing 56 minutes of mowing a quarter-mile stretch of lawn at Excel Brushworks Inc., 44-year-old part-time janitor Luke Wesley desperately screamed, Thursday, that he doesn't want to mow lawns anymore.
New Huggable "Vlad The Impaler" Doll To Be Released Soon For Online Purchase
Are you lonely? Do you need something to hug at night in order to make you feel safe and cozy? Are teddy bears just not "cutting it" anymore? Well, don't worry, because the IMPALED company recently announced that it will soon be releasing a new huggable "Vlad the Impaler" doll.
The Information Effect of Monetary Policy: Self-Defeating or Optimal?
(PDF ) DOI: 10.26509/frbc-ec-202015 As the Federal Reserve has become more transparent about its decisions on the federal funds target rate, the general public has begun to regard the rate as not only a benchmark interest rate, but also as a signal about the state of the economy. However, the specific information considered by the public to be revealed is not clearly understood.
Politically-Correct Congregation Holds A "Celebration Of Life" For Alcoholic, Abusive, And Gruesome Monster Who Was Probably Just Misunderstood
Wauzeka, Wisconsin. Members at St. Jude & Bethany's Episcopal Church Of Profoundly Serious Enlightenment And Dedication gathered together, last Wednesday, to hold a "celebration of life" for Michael Willard Kain, an abusive, gruesome, hot-tempered, emotionally-explosive, anti-social, hard-drinking criminal who passed away in 1970 at the age of 45.
The Fed’s Main Street Lending Program, explained
FULL TEXT America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted. The challenge: Business for many companies has slowed or halted, driving up their need for loans.
Senior Technical Writer And Corporate Manager At Healthcare Company Makes Official Apology For Self-Destructive Weekend Behavior
Milwaukee, Wisconsin. Fully expecting a rational and highly-collaborative online discussion on how to select a proper medium through which to facilitate and transfer comprehension of extraordinarily complex updates in healthcare technology to hospitals and clinics across the Midwest, entry-level technical writers and IT support staff at EPIC Medical Support, Inc. were left confused last Friday morning when Robert Kane, 67, suddenly darted through the door of his isolated office and didn't return.
Emotionally Dead Technical Writer Saves Girl From Demonic Possession By Reading Corporate Instruction Manuals
Janesville, Wisconsin. Having passed away a long time ago on the inside and completely bereft of anything that could actually be considered feelings or emotions due to his training as a technical writer in college, Jared Wall, 42, was able to successfully save the soul of Jill Harper, 23, from numerous demonic entities that had been tormenting her for months.
47-Year-Old "Brick Shit House" Capable Of Flipping Over Pool Tables And Throwing Random People Directly Through Plate Glass Windows Busted Up Over Online Relationship That Didn't Work
Wisconsin. Unwilling to confess that he had highly-sensitive 'attachment issues' deeply rooted in the past involving separation from his beloved grandmother during the 'much-needed' formative stages of his development, 47-year-old Craig Gerald, of Eau Claire, broke down in tears like a pathetic little 'sack-of-shit' last Tuesday, when his online relationship with Jill Clemens, 39, of Red Wing, Minnesota, resulted in a breakup.
Lessons on the Economics of Pandemics from Recent Research
(PDF ) DOI: 10.26509/frbc-ec-202011 The spread of the COVID-19 pandemic has resulted in a dual public health and economic crisis. Many economic studies in the past few months have explored the relationship between the spread of disease and economic activity, the role for government intervention in the crisis, and the effectiveness of testing and containment policies. This Commentary summarizes the methods and findings of a number of these studies.
Extremely Pissed-Off Women From Numerous Dating Sites Finally Find Where Man Too Cheap To Use Credit Card Actually Lives Before Pulling Him Out Of His House And Beating The Shit Out Of Him
Roger Crobb, 39, of Grand Rapids, Michigan, was pulled out of his house last Thursday, and nearly pummeled to death by 23 women who successfully combined their resources and their intellects in order to find out where the cheap, sleazy, non-committal bastard actually lives. "Oh, my God!"..."Please, no!"..."Not now, I'm busy!" ...and...
LGBTQ Community Leader Highly Upset That Some Average, Middle Class, Heterosexual Males With Penises And Creative Thoughts Are Still Alive
Sources recently confirmed that the LGBTQ community across the United States was in an uproar last week, over the fact that that some average, middle-class, heterosexual males with penises and creative thoughts are actually still alive.
The Fed’s Yield-Curve-Control Policy
(PDF ) The recent global financial crisis left governments in many advanced countries with very heavy debt burdens and their central banks with huge portfolios of government bonds.
7 Essential Life Lessons They Never Teach You In School
I was sitting comfortably in my room one day pretending to grade homework when I was informed that there had been complaints made against me as a social studies teacher. Apparently, some students had claimed that I have a severe alcohol problem and that I am emotionally explosive.
6 Life Lessons They Won't Teach You In School
I was sitting comfortably in my room one day pretending to do school work when I was informed that there had been complaints made against me as a teacher. Apparently, some students had claimed that I had a severe alcohol problem and that I was emotionally explosive.
Offended College Students Combine With Extremist Supporters Of #ME TOO Movement And WOKE To Protest 20-Minute Segment Of World War 1 Documentary Only Showing White European Men Dying In Trenches
California. Outraged and ready to fight to the bitter end to make sure that 'equal representation' is manifested in all aspects of society, a group of middle-class students, as well as extremist supporters of the #ME TOO Movement and WOKE, staged a massive protest, last Monday, throughout the campus of Epididymis University in response to a World War 1 documentary that was pulled out by Professor Dick Johnson earlier in December.
Extremely Talented Writer Good At Basically Nothing Else In Life Loses Entire Novel After Improperly Removing USB Flash Drive From Dell Laptop
Minneapolis, Minnesota. After pouring his heart into a fictional novel over a period of 7 years and 5 months, Roger Wall, 39, removed his SanDisk Ultra Duel USB Flash Drive from his Dell laptop last Sunday, only to notice that everything had been erased the next morning, and that all of his work was gone.
How To Survive A Mid-Life Crisis
If you are in your upper 30s or perhaps even your early- to mid-40s, then you have probably already realized that your life is a complete failure, and that nothing is ever going to get better. You feel tired and worn out all the time, your job sucks, your marriage isn’t going very well, and your children are ugly and stupid. At this point, you may begin to feel that there is no hope.
Sexually-Active, Open-Minded, Extremist Liberal Supporters Of #METOO Movement And WOKE Upset By 'Toxic Masculinity' And 'Lack Of Diversity' In World War 1 Documentary
California. Outraged and ready to fight to the bitter end to make sure that 'equal representation' is manifested in all aspects of society, a group of sexually-active (and open-minded) extremist liberal supporters of the #METOO Movement and WOKE staged a massive protest, last Tuesday, around the administration building of Epididymis University in response to a World War 1 documentary that was pulled out by Professor Dick Johnson earlier in December.
Burned-Out And Profoundly Alcoholic Technical Writer Slowly Ascending Into Heaven After Being Kicked In The Chest By A Horse During Wedding Party Brought Back Down To Earth By God-Damn EMT
Iowa. Although he was peacefully ascending into the bright light of euphoric bliss in the uppermost stretches of the Universe, Gerald Wall, 48, was pulled back down to the cold, harsh, and unforgiving world, last Thursday, by Emergency Medical Technician, Jill Harper, 37, who continually prides herself on saving the man's life.
Immature And Extremely Sadistic Author Trapped Inside His Own Short Story Still Screaming To Get Out
Sources recently confirmed that 43-year-old Jared Wall (an extremely immature and sadistic asshole who thoroughly enjoys writing pointlessly cruel short stories in which helpless characters suffer tremendously before they die) has been missing since early December because he was pulled into a spiritual vortex that opened up above the desk at his home in Wyoming, and hurled him into his latest literary masterpiece.
Ghost Of Angry Technical Writer Who Never Achieved Full Self-Actualization Still Haunting Students At Campus Regardless Of Renovations And Technological Updates
Despite the fact that major renovations were made to several dorm buildings as well as the Caitlan Library at Skyland University in Central Iowa, students keep complaining that they hear the voice of a belligerent spirit telling them that they have no futures and that their studies will mean absolute shit when they reach middle age and get divorced.
Resilient Ghost Of Emotionally-Devoid And Passionless Technical Writer Still Haunting Students At Campus Regardless Of Technological Innovations
Despite the fact that major renovations were made to several dorm buildings as well as the Caitlan Library at St. Mark's Preparatory School in Central Iowa, students keep complaining that they hear the voice of a belligerent spirit telling them that they have no futures and that their studies will mean absolute shit when they reach middle age and get divorced.
Hymen Clit Selected As 'Employee Of The Month' For December At Pete's Wood Company In Minnesota
We would like to take a special moment this month to shine the employee spotlight on our new Production Custodian, Mr. Hymen Clit. Mr. Clit has served as our janitor for the past several months here at Pete's Wood, a lumber furniture factory that utilizes only the biggest and the hardest wood in order to produce lovely furniture and decking.
Man Appreciates Clinically-Depressed Friend Visiting Him In Hospital Just As Long As He Doesn't Step On The Catheter Stuck In His Penis Hole
La Crosse, Wisconsin.
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