Unlocking Our Potential

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: The economy looks quite strong at present. GDP growth is solid, unemployment is low, payroll employment is growing quickly and inflation is firming toward the Fed’s 2 percent target. Underlying this growth has been strong consumer and business confidence. At the same time, consumers and businesses are concerned about the future. Growth is critical to the future, as it creates more room for rates to rise, improves fiscal health and creates better lives for people in need. Our growth potential may be low due to slow population and productivity growth. That creates challenges for monetary policymakers. One strategy for boosting growth might be to target segments of the population where labor force participation is relatively low. Another strategy is to invest further in workforce

Keywords: economic growth; employment and labor markets; inflation; monetary policy (search for similar items in EconPapers)
Date: 2018-08-08
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