New Ideas on Economic Policy from the Federal Reserve Bank of Cleveland
Economic policy is in the forefront of a lot of people’s minds today. Forefront, the Cleveland Fed’s showcase of policy ideas, is devoted to critical policy issues facing our region and the nation at-large.
Cover Story
Making Financial Markets Safer for Consumers: Lessons from Consumer Goods Markets and Beyond
In the wake of the mortgage meltdown, policymakers are discussing how best to protect consumers in financial product markets. The Federal Reserve Bank of Cleveland hosted a seminar, “Consumer Protection in Financial Product Markets,” in September 2009 to exchange ideas with other regulators about consumer protection and the role of the courts. Read more… (PDF)
Winter 2009 | 2010
Volume 1 Number 1
Download the full print version
- President’s Message
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- Introduction to the first issue of Forefront, “New Ideas on Economic Policy from the Federal Reserve Bank of Cleveland.” Read more (PDF)
- Making Financial Markets Safer for Consumers: Lessons from Consumer Goods Markets and Beyond
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- In the wake of the mortgage meltdown, policymakers are discussing how best to protect consumers in financial product markets. The Federal Reserve Bank of Cleveland hosted a seminar, “Consumer Protection in Financial Product Markets,” in September 2009 to exchange ideas with other regulators about consumer protection and the role of the courts. Read more (PDF)
- Video: Forefront Roundtable
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- Watch economists with the Federal Reserve Bank of Cleveland discuss their takeaways from the September 11, 2009, seminar on consumer protection. Read more
- Housing and the Federal Reserve
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- Remarks presented at the Ohio Housing Conference, Columbus, Ohio, November 17, 2009. Read more (PDF)
- Fed: Say Goodbye to Hidden Overdraft and Gift Card Fees
- The Federal Reserve recently took steps to shore up consumer protection rules on two fronts: the first dealing with overdraft fees, the second with retail gift cards. Read more (PDF)
- Regulating the Raters: Key Provisions in Proposed Reforms
- The financial crisis has produced no shortage of culprits—from Wall Street executives who were highly compensated for taking excessive risks to woefully undercapitalized insurance companies. Then there are the so-called credit rating organizations, or CROs, which have largely flown under the radar. How was it possible that CROs such as Moody’s and Standard & Poor’s handed out so many high—quality ratings to investment vehicles that turned out to be so high-risk? Read more (PDF)
- A Framework for Systemically Important Institutions
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- While size can sometimes be the essential criterion for determining whether a firm is systemically important, the definition also depends on the circumstances and characteristics of a particular institution. (Based on James Thomson”s “On Systemically Important Financial Institutions and Progressive Systemic Mitigation,” Federal Reserve Bank of Cleveland Policy Discussion Paper, August 2009.) Read more (PDF)
- The Foreclosure Timeline: The Curious Case of Cleveland’s Foreclosure Rate
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- The foreclosure process—from the initial filing to the sheriff’s sale of the home—is expected to take about seven months in Ohio. But for a time in the Cleveland metropolitan area, it wasn’t unusual for foreclosure proceedings to drag on for more than a year…or even two. Cleveland is well known for its high foreclosure rate, but less so for its lengthy foreclosure process. Economists Tim Dunne and Guhan Venkatu thought that not enough attention was being paid to the latter, and to its importance in determining the foreclosure rate. The average time for a foreclosure episode also has implications for borrowers trying to resume payment on delinquent loans, as well as for individuals considering acquiring a new mortgage. Read more (PDF)
- Interview with Matthew Kahn
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- On October 1, 2009, Kahn visited Lexington, Kentucky, to present a paper at the Conference on Appalachia and the Legacy of the War on Poverty at the University of Kentucky. Francisca Richter, research economist in the Community Development Department of the Federal Reserve Bank of Cleveland, interviewed Kahn before the conference. Read more (PDF)
- Video: Interview with Matthew Kahn
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- Watch these video selections from the interview featured in the Winter 2009-2010 Forefront. Read more
- Opinion: Can Foreclosures Be a Neighborhood’s Best Friend?
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- Rampant foreclosures present a dichotomy for communities. On the one hand, foreclosure can deal a crushing blow to the American Dream of homeownership, and it certainly can accelerate the decline of neighborhoods. But often overlooked is the other hand: Foreclosure can sometimes serve as a useful tool to stave off community blight. Read more (PDF)
- Sound Bite: Can Foreclosures Be a Neighborhood’s Best Friend?
- Mary Helen Petrus of the Cleveland Fed says the focus should be on making the process less cumbersome. Read more (WMV)
