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The economy and Fed policy: follow the demand

  • John C. Williams

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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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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  1. Aysegül Sahin & Joseph Song & Giorgio Topa & Giovanni L. Violante, 2012. "Mismatch unemployment," Staff Reports 566, Federal Reserve Bank of New York.
  2. 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.
  3. 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.).
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