Unemployment and Monetary Policy: Lessons from Half a Century Ago

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: Good evening and welcome to the Federal Reserve Bank of Richmond. For more than a decade now, we have worked with the Powell Center for Economic Literacy to put on this biennial conference. Our purpose has been to help enhance your ability to teach students of economics and broaden your perspectives on current economic issues. As you know, the past few years have been a time of great challenge for the Fed, and the challenges have abated less rapidly than I had hoped as the economy enters the sixth quarter of the recovery. Tonight I'd like to discuss our monetary policy challenges, but in light of the scholarly nature of this audience, I will draw on an illuminating piece of history from half a century ago. As usual, the views I express are my own and do not necessarily reflect the thinking of my colleagues on the Federal Open Market Committee1.

Date: 2010-11-14
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