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The Economic Outlook and the Conduct of Monetary Policy
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The Economic Outlook and the Conduct of Monetary Policy

Janet L. Yellen
Federal Reserve Board, 2017
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Editorial Rating

8

Qualities

  • Analytical

Recommendation

Is the Federal Reserve making the right moves with monetary policy and interest rates? Some critics have suggested using rules-based approaches that would give the Fed less discretion in conducting monetary policy. Fed chair Janet L. Yellen weighs in on such aspects in a speech delivered at Stanford University, providing insight into the central bank’s decision-making process. getAbstract recommends this informative, accessible text to investors, policy makers and executives who want more clarity about the Fed’s interest rate-setting mechanisms.

Summary

The US labor market has improved considerably since the Great Recession. The unemployment rate is close to its “longer-run normal level.” Even the more comprehensive measure of “labor underutilization” – which counts those who labor part time because they can’t find full-time employment, as well as those not actively seeking work – has recovered. Although the labor force participation rate hasn’t returned to its prerecession levels, that’s more due to secular factors such as an aging population than to cyclical influences.

Consumer spending, more than business investment, has helped economic growth. Yet investment will likely...

About the Author

Janet L. Yellen is the chair of the Board of Governors of the Federal Reserve System.

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