comments on the outlook for the U.S. economy and monetary policy at the International Monetary Conference, Washington, D.C., June 5, 2006

comments on the outlook for the U.S. economy and monetary policy at the International Monetary Conference, Washington, D.C., June 5, 2006

The U.S. economy performed well across the board in 1997, with low unemployment, robust economic growth, and the lowest sustained inflation in decades. Nevertheless, the current framework for monetary policymaking does not ensure that inflation is down for the count, says Federal Reserve Bank of...

The U.S. economy appears to have experienced a pronounced shift toward higher productivity over the last five years or so. We wish to understand the implications of such shifts for the structure of optimal monetary policy rules in simple dynamic economies. Accordingly, we begin with a standard...

Was the high inflation of the 1970s mostly due to incomplete information about the structure of the economy (an unavoidable mistake as suggested by Orphanides, 2000)? Or, to weak reaction to expected inflation and/or excessive policy activism that led to indeterminacies (a policy mistake, a...

The U.S. economy turned in an exceptional performance in 1999, combining strong real output growth with moderate inflation. Real GDP, a broad measure of the nation's output of goods and services, grew 4.6 percent from the fourth quarter of 1998 to the fourth quarter of 1999. Employment also rose...