Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I think your point about joint causality, joint endogeneity, of utilization and inflation is a good one. I have tried to make that point in testimony when I talk about aggregate demand being strong and having effects both on inflation and on resource utilization. We can think about this. It is a little hard to capture complex models in these statements, but it is certainly a point well taken. President Yellen.

Keyboard shortcuts

j previous speech k next speech