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. At the same time, funding such as loans is less available for small and medium-sized businesses.

The response: Through its Main Street Lending Program, the Federal Reserve will buy up to $600 billion in loans that lenders, such as banks and credit unions, make to small and midsize businesses. When lenders sell their loans to the Fed, they can use the money they receive to make more loans.

The details: Only loans made to businesses that were financially sound before the crisis are eligible to be sold...

What’s Up With the Phillips Curve? Marco Del Negro, Federal Reserve Bank of New York | paper | presentation Michele Lenza, European Central Bank Giorgio E. Primiceri, Northwestern University Andrea Tambalotti, Federal Reserve Bank of New York

A Model of the Fed’s View on Inflation Giovanni Ricco, University of Warwick | paper | presentation Thomas Hasenzagl, University of Minnesota Filippo Pellegrino, London School of Economics, and Now-Casting Economics Lucrezia Reichlin, London Business School, Now-Casting Economics, and CEPR

We’re accountable for our actions, we deliver on our commitments, and we have the highest quality standards. We embrace diversity and inclusion in all of their forms. We innovate and strive for continuous improvement. We’re honest, respectful, and ethical in everything we do, and we serve the public and strive to earn its trust and confidence every day. The Cleveland Fed is recognized as a great place to work by our employees and as an employer of choice by organizations such as NorthCoast 99, DiversityInc, and the Human Rights Campaign Foundation.

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: The Small Business Administration introduced the Paycheck Protection Program to get up to $660 billion into the hands of small businesses quickly so those businesses could keep paying their employees during the shutdown. But lenders needed a source of cash to quickly meet businesses’ demand for loans.

The response: The Federal Reserve, whose role is to help stabilize the economy, stepped in and started lending to banks and other lenders so that those lenders, in turn, could lend to small businesses. The aim is to help make it so that businesses that seek loans are more likely to hear...

In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...

We’re accountable for our actions, we deliver on our commitments, and we have the highest quality standards. We embrace diversity and inclusion in all of their forms. We innovate and strive for continuous improvement. We’re honest, respectful, and ethical in everything we do, and we serve the public and strive to earn its trust and confidence every day. The Cleveland Fed is recognized as a great place to work by our employees and as an employer of choice by organizations such as NorthCoast 99, DiversityInc, and the Human Rights Campaign Foundation.

The Paycheck Protection Program (PPP) was created to help small businesses keep their workforce employed during the COVID-19 crisis. To help small business borrowers determine if the PPP is a good option for them, The Federal Reserve Bank of Cleveland is hosting a webinar that will provide guidance on accessing the program, the application process, and other details about the loan terms. Representatives from the Small Business Administration, a regional economic development organization, and community development financial institution will walk attendees through the PPP.

The Paycheck Protection Program (PPP) was created to help small businesses keep their workforce employed during the COVID-19 crisis. To help small business borrowers determine if the PPP is a good option for them, The Federal Reserve Bank of Cleveland is hosting a webinar that will provide guidance on accessing the program, the application process, and other details about the loan terms. Representatives from the Small Business Administration, a regional economic development organization, and community development financial institution will walk attendees through the PPP.

Rates of US homeownership have declined in the past two decades, and the decline has been especially pronounced for young adults. Motivated by recent research that explores the ways in which personal experiences can affect financial attitudes and beliefs, we explore whether the negative homeownership experiences of parents during the 2008 financial crisis could have caused their children to view homeownership less favorably. We find that parental mortgage distress negatively correlates with the probability that a child will purchase a home, and we explore various channels through which this link may occur.

In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...

We’re accountable for our actions, we deliver on our commitments, and we have the highest quality standards. We embrace diversity and inclusion in all of their forms. We innovate and strive for continuous improvement. We’re honest, respectful, and ethical in everything we do, and we serve the public and strive to earn its trust and confidence every day. The Cleveland Fed is recognized as a great place to work by our employees and as an employer of choice by organizations such as NorthCoast 99, DiversityInc, and the Human Rights Campaign Foundation.

The Paycheck Protection Program (PPP) was created to help small businesses keep their workforce employed during the COVID-19 crisis. To help small business borrowers determine if the PPP is a good option for them, The Federal Reserve Bank of Cleveland is hosting a webinar that will provide guidance on accessing the program, the application process, and other details about the loan terms. Representatives from the Small Business Administration, a regional economic development organization, and community development financial institution will walk attendees through the PPP.

Rates of US homeownership have declined in the past two decades, and the decline has been especially pronounced for young adults. Motivated by recent research that explores the ways in which personal experiences can affect financial attitudes and beliefs, we explore whether the negative homeownership experiences of parents during the 2008 financial crisis could have caused their children to view homeownership less favorably. We find that parental mortgage distress negatively correlates with the probability that a child will purchase a home, and we explore various channels through which this link may occur.

In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...

Many observers seeking historical precedent for COVID-19 draw on the 1918 influenza pandemic. In this Commentary, we highlight the differences between the 1918 flu and COVID-19 pandemics in terms of the most significantly affected populations. We also show key differences in the US economy in the late 1910s and now. Not only did the 1918 influenza virus primarily affect significantly younger cohorts, but the US economy’s industry and geographic distributions were notably different at the time compared to today’s. Consequently, caution is needed when using the 1918 influenza pandemic as a guideline for implementing and evaluating policy responses to COVID-19.

In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...

The Paycheck Protection Program (PPP) was created to help small businesses keep their workforce employed during the COVID-19 crisis. To help small business borrowers determine if the PPP is a good option for them, The Federal Reserve Bank of Cleveland is hosting a webinar that will provide guidance on accessing the program, the application process, and other details about the loan terms. Representatives from the Small Business Administration, a regional economic development organization, and community development financial institution will walk attendees through the PPP.

We’re accountable for our actions, we deliver on our commitments, and we have the highest quality standards. We embrace diversity and inclusion in all of their forms. We innovate and strive for continuous improvement. We’re honest, respectful, and ethical in everything we do, and we serve the public and strive to earn its trust and confidence every day. The Cleveland Fed is recognized as a great place to work by our employees and as an employer of choice by organizations such as NorthCoast 99, DiversityInc, and the Human Rights Campaign Foundation.

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Many observers seeking historical precedent for COVID-19 draw on the 1918 influenza pandemic. In this Commentary, we highlight the differences between the 1918 flu and COVID-19 pandemics in terms of the most significantly affected populations. We also show key differences in the US economy in the late 1910s and now. Not only did the 1918 influenza virus primarily affect significantly younger cohorts, but the US economy’s industry and geographic distributions were notably different at the time compared to today’s. Consequently, caution is needed when using the 1918 influenza pandemic as a guideline for implementing and evaluating policy responses to COVID-19.

In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...