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Longer-Run Trends and the U.S. Economy

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  • Loretta J. Mester

Abstract

Current trends point to slow long-run growth for the U.S. economy. But steps can be taken to address some of the factors underlying these trends in order to improve the economic health of individuals and communities and to maintain and enhance our future standard of living. Government policies, if they are well-designed and focused on spurring productive investments in human and physical capital, R&D, and innovation, can lead to higher productivity growth and higher longer-run growth. Ensuring a resilient financial system, through appropriate regulation and supervision that keeps up with changes in technology, is also an essential part of a healthy economy. While monetary policy cannot affect the economy’s long-term growth rate, it can do its part by returning the economy to price stability, which is necessary for the longer-run health of labor markets, the financial system, and the overall economy.

Suggested Citation

  • Loretta J. Mester, 2023. "Longer-Run Trends and the U.S. Economy," Speech 96147, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcsp:96147
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    File URL: https://www.clevelandfed.org/collections/speeches/2023/sp-20230516-longer-run-trends-us-economy
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    Cited by:

    1. Dück, Alexander & Verona, Fabio, 2023. "Monetary policy rules: model uncertainty meets design limits," Bank of Finland Research Discussion Papers 12/2023, Bank of Finland.

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