A New Balancing Act: Monetary Policy Tradeoffs in a Changing World

Mary Daly

FRBSF Economic Letter, 2019

Abstract: A new and less familiar economic environment has emerged in the United States and other countries. Our collective futures now include slower potential growth, lower long-term interest rates, and persistently weak inflation. This new landscape demands we think differently about how to balance and achieve price stability and full employment objectives. The following is adapted from a speech by the president and CEO of the Federal Reserve Bank of San Francisco to the conference ?Inflation Targeting?Prospects and Challenges? in Wellington, New Zealand, on August 29.

Date: 2019
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