Formal data don’t tell policy-makers everything they need to know about the economy. The Federal Open Market Committee also pays attention to anecdotes gathered from the front lines of business.
Government red tape is minimal for those starting a business in this country compared with many other places around the globe. It is this relatively unfettered policy environment that allows our strong entrepreneurial spirit to flourish.
Bank President Bill Poole examines how the St. Louis Fed has expanded our mission to include two important functions.
Every member of the FOMC shares a deep committment to long-term low inflation.
Most economists have about as much confidence in economic forecasts as they do in forecasts about the local weather.
To live independently, a person must know the basics.
The Russian default suddenly changed the financial landscape.
Outcome was well worth the expense and effort.
In his final Feditorial for Central Banker, retiring Fed President Bill Poole discusses how a strong and well-capitalized banking system subject to well-designed prudential supervision has increased the economy’s resilience.
Although this deficit has been rising steadily since the early 1990s, a “hard landing” for the U.S. economy is unlikely. One reason is that only in the United States can so many foreigners invest so much money and get such good returns.
Teaching students economics bolsters the success of the Federal Reserve System and the U.S., argues St. Louis Fed President William Poole.
To rein in inflation, Fed Chairman Paul Volcker took bold monetary policy steps and held his ground in the face of economic turmoil and harsh criticism.
The low and stable inflation that the Fed has relentlessly pursued over the past decade or so has buoyed virtually all demographic groups, enabling most Americans to do a lot more than just keep their heads above water.
Conventional wisdom holds that if policymakers are too focused on controlling inflation, then employment, output growth and financial stability will suffer. But the conventional wisdom is wrong, according to the data.
College tuition has increased dramatically over the past decade, yet few think the quality of graduates has kept up. Decentralizing the administration and privatizing such things as housing and food service would boost productivity, as would ditching tenure and improving teaching.
It's not the total number of people that should be causing worry, but the number of retired people relative to those still working. Across the world, the ranks of retirees are swelling as the ranks of those working—and paying taxes to support retirees—are not keeping up. Something—or someone—has got to give.
To figure out what a central bank should look like, consider that most have three features in common: independence, transparency and a goal of low and stable inflation.