The idea of creating a framework for explicit inflation targeting in the U.S. has recently become a topic of considerable discussion. The key question is: Could inflation targeting improve on the U.S. economy's performance? President Anthony Santomero thinks inflation targeting makes sense for...

The recent business cycle has been driven by two forces: a series of extraordinary events and some longer term secular trends. In "Monetary Policy: Stability Through Change," President Anthony Santomero discusses how these extraordinary events, including the bursting of the tech bubble, the...

U.S. consumers are catching up with their counterparts in the rest of the world in their use of electronic payment methods, but paper checks remain a popular way to make payments here. How is the Federal Reserve supporting an orderly evolution of the payment system as consumers shift away from...

How does a decentralized central bank work? The events of September 11 put the Federal Reserve System, the central bank of the United States, to the test and highlighted the benefits of its geographic diversification. In "The U.S. Experience with a Federal Central Bank System," President Anthony...

In his first column, President Santomero talks about "New Beginnings" by introducing himself to the Business Review audience and by listing some of the challenges facing the Philadelphia metropolitan area and some options for dealing with them

The U.S. economy enjoyed a remarkable run in the 1990s. As it moved into the new century, however, the economy underwent various fits and starts before entering its current expansion phase. In this quarter’s message, President Anthony Santomero shares his views on the U.S. economy and outlines...

After 30 years of university teaching and almost five years as a Reserve Bank president, Anthony M. Santomero knows the importance of education to a well-functioning economy. In recent years, he has seen several broad, long-term trends emerge-trends that will undoubtedly shape our environment...

President Anthony Santomero highlights the differences between U.S. and European payments infrastructure; discusses how the roots and evolution of the U.S. payments system differs from Europe’s; and outlines the likely path of the U.S. payment system and the Fed’s role in it. In the end, he...

In "The Causes and Effects of Financial Modernization," President Santomero outlines financial legislation since the 1930s and discusses the impact that the Gramm-Leach-Bliley (GLB) Act has had and will continue to have on the financial services industry.