The Economy and the Question of Inflation

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: Economic activity has rebounded since March and April but remains well below pre-COVID-19 levels. I have heard concerns about future inflation resulting from the fiscal and monetary response to the pandemic. Inflation has actually been running persistently below the Fed’s 2 percent target. Recent revisions to the Fed’s long-run monetary policy framework aim to boost inflation expectations somewhat. I remain focused on unemployment, given the huge gap between where we are today and our target. Should inflation emerge, the Fed has the tools and the will to address it.

Keywords: inflation; economic growth; monetary policy (search for similar items in EconPapers)
Date: 2020-09-24
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Persistent link: https://EconPapers.repec.org/RePEc:fip:r00034:101321

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