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The economy and Fed policy: follow the demand

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  • John C. Williams

Abstract

The primary reason unemployment remains high is a lack of demand. An aggregate demand shortfall is exactly the kind of problem monetary policy can address. Thus, we need powerful and continuing monetary stimulus to move toward maximum employment and price stability. ; This letter is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to The Forecasters Club in New York, New York, on February 21, 2013.

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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2013)
Issue (Month): feb25 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2013:i:feb25:n:2013-05

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Keywords: Monetary policy ; Employment;

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  1. Sahin, Aysegul & Song, Joseph & Topa, Giorgio & Violante, Giovanni L, 2012. "Mismatch Unemployment," CEPR Discussion Papers 9093, C.E.P.R. Discussion Papers.
  2. David Reifschneider & John C. Williams, 1999. "Three lessons for monetary policy in a low inflation era," Finance and Economics Discussion Series 1999-44, Board of Governors of the Federal Reserve System (U.S.).
  3. Reifschneider, David L. & Roberts, John M., 2006. "Expectations formation and the effectiveness of strategies for limiting the consequences of the zero bound," Journal of the Japanese and International Economies, Elsevier, vol. 20(3), pages 314-337, September.
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