In The Regional Economist, St. Louis Fed President James Bullard discusses monetary policy in the U.S. and the euro area in recent years and says that, in his view, the European Central Bank’s undertaking of a sovereign-debt quantitative easing program earlier this year was a major milestone in global monetary policy.
St. Louis Fed President James Bullard discussed factors that are weighing on the decision to begin normalizing U.S. monetary policy and the recent removal of the word “patient” from the FOMC statement, during the 24th Annual Hyman P. Minsky Conference, in Washington, D.C. He said that now may be a good time to begin normalizing monetary policy so that it is set appropriately for an improving economy over the next two years.
Some countries’ business cycles are in sync with the world’s, while other countries’ cycles follow the ups and downs just of their neighbors’. This regional connection is even more prevalent if a region is defined not by geography but by common cultures and institutions.
The decision to look for a job, as well as some measures of income inequality, are closely connected with the living arrangements people choose and, therefore, are important to policymakers.