Annual Report 2011

2011 Annual Report

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Maximum Employment: What We Know (and Don't Know) About the Labor Market

In its 2011 annual report, the Federal Reserve Bank of Cleveland considers economic growth from the perspective of the labor market. The main essay by President and CEO Sandra Pianalto explains why the current stance of monetary policy puts the central bank in the right position for achieving its dual mandate of maximum employment and stable prices over the long term.

Plus, Cleveland Fed Research staff identifies some of the salient features of today's employment situation.

  1. President’s Foreword (PDF)
  2. Maximum Employment: What We Know (and Don’t Know) About the Labor Market (PDF)
  3. Today’s Unemployment, In Depth
  4. Message from the First Vice President (PDF)
  5. 2011 Innovation Update: Operations in Motion (PDF)
  6. Officers and Consultants, Boards of Directors, and Advisory Councils (PDF)
  7. Financial Statements (PDF)
  8. Complete Report (PDF)

This annual report was prepared by the Public Affairs and Research departments of the Federal Reserve Bank of Cleveland.

For print copies, contact the Cleveland Fed Research Library at 216.579.2050 or We invite your comments and questions. Please email us at