Federal Reserve Bank of Cleveland President Sandra Pianalto said the recovery remains “frustratingly slow” and that additional bond purchases can boost growth if the risks are managed.

“Large-scale asset purchases can be effective” and they “justify more analysis,” Pianalto said Monday in remarks prepared for a speech in Newark, Ohio. “It is conceivable that, at some point, policies designed to promote further declines in rates could interfere with financial stability.”

The economy will probably expand by about 2 percent this year while unemployment will remain above 7 percent through 2014, she told Central Ohio business leaders.