The Outlook for the Economy and Monetary Policy; Vantage Point: Economists on the Economy Series, The Council for Economic Education, New York, NY

The Federal Reserve System also supports economic education as part of our mission to engage in our communities. The Cleveland Fed?s Learning Center and Money Museum offers various programs for teachers and students with the goal of increasing financial and economic literacy. What we have learned over the years is that when people have a better understanding of the economy, they can make better financial decisions and be part of the national discourse on the important economic policy choices facing the country. Federal Reserve policymakers are also in the economic education business. One of our tasks is to explain our views on the economy and monetary policy to the public. When they understand the rationale for our policy decisions, people can hold us accountable for those decisions. But in addition, our policy is more effective when people understand how policy is likely to react to changes in the economic outlook. So I?m very happy to have this opportunity to talk about the economy and monetary policy.