Policy, politics, and the path ahead for the fed

Business Economics · 2025-12-04

Abstract Three former Federal Reserve Bank presidents discuss current issues facing the Fed, including the role of asset purchases in monetary policy, political pressures, the value of the Summary of Economic Projections and the “dot plot,” the role of r* , the value of dissents on the FOMC, and the recent changes in the monetary policy framework.

The Economy, Inflation, and Forbearance

Speech · 2021-01-01

President Harker delivered a virtual speech to the Women in Housing & Finance on his economic outlook. “At the Fed, we’re planning to keep the federal funds rate low for long, but it may be time to at least think about thinking about tapering our $120 billion in monthly Treasury bond and mortgage-backed securities purchases, ” said Harker. “This is not something we are going to do suddenly, though. We need to follow the playbook we had after the Great Recession; that is, start to taper the bond purchases slowly. We will remove accommodation carefully and methodically as the economy continues to strengthen.” Media coverage of his remarks can be found below.

Understanding How Americans Earn, Save, and Invest: New Perspectives on Consumer Behavior in Credit and Payments Markets Conference

Speech · 2021-01-01

In welcome remarks at the virtual New Perspectives on Consumer Behavior in Credit and Payments Markets Conference, Philadelphia Fed President Patrick Harker highlighted groundbreaking research from the Consumer Finance Institute. The 11th biennial conference allowed researchers to share new research on homeownership, consumer bankruptcy, pandemic housing relief, and consumer protection and regulation, with a special focus on racial inequities.

Community Banks and Digital Innovation

Speech · 2021-01-01

During opening remarks at the virtual Innovation Office Hours, Philadelphia Fed President Patrick Harker underscored the importance of facilitating face-to-face discussions between banks and fintech firms. “Constructive dialogue among banks, fintech firms, and the Federal Reserve will help us to listen and learn from each other, ” he said. The series allows supervised financial institutions and nonbank fintech firms to meet with Fed staff to discuss financial technology innovation.

The Impact of COVID-19 on Communities and Small Businesses

Speech · 2020-07-14

Speaking at a Fed webinar, Philadelphia Fed President Patrick Harker said small businesses, and those owned by minorities in particular, are among those most economically impacted by the COVID-19 crisis. Harker said one solution to help create a stronger small business sector could be to ensure that more small businesses and microenterprises have relationships with banks.

Economic Outlook and Building an Inclusive Recovery

RePEc: Research Papers in Economics · 2020-07-15

President Patrick T. Harker told an audience at the Center City Proprietors Association that the path of the U.S. economy for the rest of the year depends largely on developments involving COVID-19. Addressing the audience virtually, Harker also said he hoped the next period of economic growth would be “strong and more inclusive than the last.”

The Fed: A For-Purpose Organization

Speech · 2020

• Political Science
• Sociology
• Political Science

Philadelphia Fed President Patrick T. Harker spoke about racial equity and economic inclusion at the virtual Operation HOPE Annual Meeting. Harker said that although Congress mandated the Fed to provide maximum employment and stable prices “another purpose I believe we can work toward is narrowing the yawning racial disparities that continue to plague our society.”

The Importance of an Equitable Workforce Recovery: A New Kind of Back to Work: Talent, Recovery, and the Future of Greater Philadelphia

Speech · 2020-10-02

Speaking at a virtual conference, Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, said that ensuring an equitable economic recovery is not only the right thing to do, but also an economic imperative. Harker addressed an event called A New Kind of Back to Work: Talent, Recovery, and the Future of Greater Philadelphia.

The Certainty of Uncertainty

Speech · 2020-01-01

In a speech today to the Wharton Private Equity and Venture Capital Alumni Association, Philadelphia Fed President Patrick Harker observed that the U.S. economy has largely tracked the spread of the virus. Harker expects moderate economic growth for the rest of this year and the first half of 2021. With the introduction of a widely available and effective vaccine for COVID-19, he predicts robust growth through the second half of 2021 and 2022.

The Pandemic, Automation, and Artificial Intelligence: Executive Briefing: AI and Machine Learning

Speech · 2020

• Political Science
• Artificial Intelligence
• Computer Science

Philadelphia Fed President and CEO Patrick T. Harker spoke about the economy, AI, and automation at a Global Interdependence Center event. Harker said the “pandemic has had the effect of accelerating trends that were already present in our society.” These trends include automation and racial disparities in unemployment.