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

I would like to ask a two-part question about the employment and unemployment numbers—the household versus establishment data. What is your feeling about what the data are telling us? Why has the household series been outperforming the establishment series for such a long time, and what does that mean? Also, did you do any analysis on Alan Meltzer’s Wall Street Journal article in which he was arguing that there was no real increase in unemployment? There have been other similar articles. It seems as if the Greenbook takes the approach that the two series are just different; they are measured in two different ways, and they are what they are. Do you think we are being overly pessimistic about employment and about the jobless nature of the recovery?

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