The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process. Thank you for this opportunity to address the members of the Colorado Forum, which has been an arena for thoughtful discussion and debate for more than 40 years. Today I would like to discuss a subject that I expect is of great interest to Coloradans and others: the outlook for the U. I believe that the economy has gained momentum in the past several months and is well positioned to grow strongly in Nevertheless, we have further to go to recover from the economic damage inflicted by the COVID pandemic, and risks remain. As we all know, starting in late February or March of last year, widespread economic and social lockdowns and other effects of the pandemic caused the swiftest and deepest contraction in employment and economic activity since the Great Depression.
Japan’s monetary policy: a literature review and empirical assessment
EconPapers: Japan's Monetary Policy: A Literature Review and Empirical Assessment
Thank you, Esther, for that introduction, and good morning. The Kansas City Fed's Economic Policy Symposiums have consistently served as a vital platform for discussing the most challenging economic issues of the day. Judging by the agenda and the papers, this year will be no exception. For the past year and a half, my colleagues and I on the Federal Open Market Committee FOMC have been conducting the first-ever public review of our monetary policy framework. Evolution of the Fed's Monetary Policy Framework We began this public review in early to assess the monetary policy strategy, tools, and communications that would best foster achievement of our congressionally assigned goals of maximum employment and price stability over the years ahead in service to the American people. Because the economy is always evolving, the FOMC's strategy for achieving its goals—our policy framework—must adapt to meet the new challenges that arise.
A Review of Monetary Policy Rules
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The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process. I look forward, as always, to my conversation with Ellen Zentner, but first, please allow me to offer a few remarks on the economic outlook, Federal Reserve monetary policy, and our new monetary policy framework. In February , none of us could have imagined that in a few short weeks the COVID pandemic and the mitigation efforts put in place to contain it would deliver the most severe blow to the U. Gross domestic product GDP collapsed by more 30 percent at an annual rate in the second quarter of ; more than 22 million jobs were lost, wiping out a decade of employment gains; the unemployment rate rose from a year low of 3. But with the benefit of hindsight, it is clear that the economy has proven to be much more resilient than many forecast or feared one year ago.