Monetary Policy's Role in Fostering Sustainable Growth

John Williams

FRBSF Economic Letter, 2017

Abstract: As the economy has transitioned from recovery to expansion, the role of monetary policy has shifted to sustaining the expansion by gradually moving conventional and unconventional policy back to normal. But monetary policy is reaching its limit for stimulating growth, calling for private and public sector investments and policies to step up and take the lead. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Economic Club of Las Vegas in Las Vegas on August 2.

Date: 2017
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Working Paper: Monetary Policy’s Role in Fostering Sustainable Growth (2017)
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