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Should Full Employment Be a Mandate for Central Banks? Remarks at the Federal Reserve Bank of Boston's 57th Economic Conference
Author(s) -
ROSENGREN ERIC S.
Publication year - 2014
Publication title -
journal of money, credit and banking
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.763
H-Index - 108
eISSN - 1538-4616
pISSN - 0022-2879
DOI - 10.1111/jmcb.12157
Subject(s) - mandate , open market operation , citation , library science , editorial board , political science , economics , monetary policy , law , keynesian economics , computer science
It is a pleasure to welcome everyone attending the Boston Fed’s 57 economic conference. The topic of this year’s conference – fulfilling the full employment mandate – is particularly relevant today, when most developed countries have unemployment rates substantially above their estimates of full employment. I see a number of important questions about the full employment mandate that should be explored at this conference and beyond. For example, how should central banks react to high unemployment rates in a period of well-anchored inflation expectations? Does the unconventional nature of many of the monetary policy tools currently being employed alter how