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The economic outlook and Federal Reserve policy

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Progress reducing unemployment has nearly stalled, while annual inflation has fallen below the Federal Reserve?s 2% target. To move toward maximum employment and price stability, the Fed recently announced plans to purchase more mortgage-backed securities and extend its commitment to keep its benchmark interest rate exceptionally low through mid-2015. Thanks partly to these actions, the recovery should gain momentum. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco at the City Club of San Francisco on September 24, 2012.

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  • John C. Williams, 2012. "The economic outlook and Federal Reserve policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue oct1.
    • Handle: RePEc:fip:fedfel:y:2012:i:oct1:n:2012-30
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    1. Nicholas Bloom, 2009. "The Impact of Uncertainty Shocks," Econometrica, Econometric Society, vol. 77(3), pages 623-685, May.
    2. Mary C. Daly & Bart Hobijn & Aysegül Sahin & Robert G. Valletta, 2012. "A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 3-26, Summer.
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