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Speech
The Outlook for the Economy and Monetary Policy; Vantage Point: Economists on the Economy Series, The Council for Economic Education, New York, NY
Mester, Loretta J. (2018-01-18)
The Federal Reserve System also supports economic education as part of our mission to engage in our communities. The Cleveland Fed?s Learning Center and Money Museum offers various programs for teachers and students with the goal of increasing financial and economic literacy. What we have learned over the years is that when people have a better understanding of the economy, they can make better financial decisions and be part of the national discourse on the important economic policy choices facing the country. Federal Reserve policymakers are also in the economic education business. One of ...
Speech , Paper 92

Speech
Progress and Prudence: An Update on the Economy and Monetary Policy
Mester, Loretta J. (2023-04-20)
The Akron Roundtable’s work to foster community dialog aligns very well with the Federal Reserve Bank of Cleveland’s own efforts to engage with the public. I like that word “dialog.” At the Cleveland Fed we strive to provide our communities with useful research, data, and analysis. For example, our Center for Inflation Research provides various resources to policymakers, researchers, and the general public on inflation and its drivers.1 And in return, we receive economic reconnaissance from a wide variety of contacts from throughout our region. I firmly believe that the Fed’s ...
Speech

Speech
Perspectives on the Economy and Monetary Policy at the City Club of Cleveland, Cleveland, Ohio.
Mester, Loretta J. (2015-11-13)
Thank you for that kind introduction. And thanks to the City Club for the opportunity to speak today to so many of Cleveland?s business leaders. Since coming to Cleveland last year, I have made it a point to learn more about the city?s many important institutions, and the City Club of Cleveland is certainly a leader among them. It is an honor for me to be included in your list of very distinguished speakers. For more than 100 years, the City Club has fostered the free and open exchange of ideas. It sees value in bringing together people with diverse viewpoints for a civil discussion of a wide ...
Speech , Paper 66

Working Paper
Large capital infusions, investor reactions, and the return and risk performance of financial institutions over the business cycle and recent finanical crisis
Pagano, Michael S.; Mester, Loretta J.; Elyasiani, Elyas (2011)
The authors examine investors' reactions to announcements of large seasoned equity offerings (SEOs) by U.S. financial institutions (FIs) from 2000 to 2009. These offerings include market infusions as well as injections of government capital under the Troubled Asset Relief Program (TARP). The sample period covers both business cycle expansions and contractions, and the recent financial crisis. They present evidence on the factors affecting FI decisions to issue capital, the determinants of investor reactions, and post-SEO performance of issuers as well as a sample of matching FIs. The authors ...
Working Papers , Paper 11-46

Working Paper
Checking accounts and bank monitoring
Renault, Micheline; Nakamura, Leonard I.; Mester, Loretta J. (1998)
Do checking accounts help banks monitor borrowers? If they do, the rationale both for allowing regulated providers of liquidity to also make risky loans to commercial borrowers and for the government's providing deposit insurance becomes clearer. Using a unique set of data that includes monthly and annual information on small-business borrowers at an anonymous Canadian bank, the authors provide evidence that a bank has exclusive access to a continuous stream of borrower data, namely, the firm's checking account balances at the bank, that helps it to monitor the borrower. ; To the authors' ...
Working Papers , Paper 98-25

Periodic Essay
Reflections: Education
Mester, Loretta J. (2021-05-03)
Today, I would like to share some reflections on education and the central role it plays in expanding economic inclusion and opportunity.
Reflections by Loretta Mester , Volume 2021 , Issue 02 , Pages 9

Speech
The Economic Outlook, Monetary Policy, and Normal Policymaking Now and in the Future; 10.25.18 Money Marketeers of New York University, Inc., New York, NY
Mester, Loretta J. (2018-10-25)
I thank the Money Marketeers of New York University for inviting me back to speak tonight. When I was here four years ago, I discussed the important role that Federal Reserve communications play in making effective monetary policy and the need for these communications to evolve as we moved from a period of extraordinary monetary policymaking to more normal policymaking. At this point, that transition to more normal policymaking has been underway for some time, reflecting the health of the U.S. economy and the progress that?s been made on the FOMC?s monetary policy goals. Tonight, I?ll talk ...
Speech , Paper 101

Journal Article
What's the point of credit scoring?
Mester, Loretta J. (1997-09)
Credit scoring is already widely used for consumer lending and is becoming more commonly used in mortgage lending. Now, small business lending is getting into the scoring act. What does this mean for the commercial loan industry? And will it benefit small businesses? In this article, Loretta Mester explains the basics of credit scoring, discusses some of the models used, and looks at some of the implications of the wider use of credit scoring.
Business Review , Issue Sep , Pages 3-16

Working Paper
Viability in multiproduct industries
Mester, Loretta J. (1989)
Working Papers , Paper 88-21

Working Paper
Who said large banks don't experience scale economies? Evidence from a risk-return-driven cost function
Mester, Loretta J.; Hughes, Joseph P. (2011)
Earlier studies found little evidence of scale economies at large banks; later studies using data from the 1990s uncovered such evidence, providing a rationale for very large banks seen worldwide. Using more recent data, the authors estimate scale economies using two production models. The standard risk-neutral model finds little evidence of scale economies. The model using more general risk preferences and endogenous risk-taking finds large scale economies. The authors show that these economies are not driven by too-big-to-fail considerations. They evaluate the cost implications of breaking ...
Working Papers , Paper 11-27

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