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Showing results 1 to 10 of approximately 33.
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Speech
U.S. monetary policy and its global implications
Remarks at the Central Bank of the United Arab Emirates, Abu Dhabi, United Arab Emirates.
Speech
Remarks for the National Association of Corporate Directors New England Chapter
Susan Collins shared remarks during a National Association of Corporate Directors (NACD) New England Chapter meeting, covering aspects of the economy she recently discussed at the Economic Club of New York.
Speech
Exploring current economic conditions and the implications for monetary policy: remarks at 1Berkshire Economic Outlook Luncheon, Dalton, Massachusetts, October 26, 2018
Topics covered include: recent monetary policy actions; outlook -- continued robust growth; clear risks to the forecast; how should policy respond to strong base forecast but rising risks?; inflation for goods and services; exports are important and uncertain.
Speech
Remarks to the Boston Economic Club: The Economy’s Performance and Outlook, and Implications for Policy
It is important to recognize that the path the economy takes toward the Fed’s mandated goals may continue to be bumpy and uneven, and we should not overreact to individual data points. To President Collins' thinking, that reflects the realities of a unique and challenging pandemic and the economic recovery from it. Expecting all indicators to be well aligned is too high a bar, but seeing sustained, broadening signs of progress should provide the necessary confidence she would need to begin a methodical adjustment to our policy stance.
Briefing
Trade-offs in Fulfilling the Fed’s Dual Mandate
This article discusses the trade-offs and impacts of inflationary environments given the dual mandate of the Federal Reserve. High inflation creates pricing distortions and leads to a tax on liquidity. Furthermore, it has direct redistributive impacts of inflation on wages, portfolios and contracts that are preset in dollar terms. The analysis concludes that while inflationary trade-offs are complex, keeping expectations anchored is a paramount objective for the Fed, since unanchored expectations make all the other trade-offs harder to navigate.
Speech
An Update on the U.S. Economy and Monetary Policy
In contrast to where we are now, our policy was not well positioned when we started our tightening cycle because the policy rate was so low and inflation was moving up persistently. We needed to raise rates fairly aggressively. At this point, we are seeking to calibrate our policy well to economic developments so we can avoid having to act in an aggressive fashion. Indeed, if the economy evolves as I expect, I anticipate that we will be able to move rates down gradually as inflation and inflation expectations move down, allowing us to continue to manage the risks to both sides of our mandate. ...
Speech
Moving toward 'normal' U.S. monetary policy: remarks at the Joint Bank Indonesia-Federal Reserve Bank of New York Central Banking Forum, Nusa Dua, Indonesia
Remarks at the Joint Bank Indonesia-Federal Reserve Bank of New York Central Banking Forum, Nusa Dua, Indonesia.
Speech
The Importance of a Patient, Methodical, and Holistic Approach to Monetary Policy
Susan Collins shared her perspectives on the U. S. economy and monetary policy, as the Fed works to achieve its mandates from Congress and support a vibrant economy that works for all. She started with an overview, briefly discussed some supply- and demand-side aspects of the economy, and ended with comments about her outlook and monetary policy.
Working Paper
Continuity and Change in the Federal Reserve’s Perspective on Price Stability
By examining statements made by the Federal Reserve leadership since the early 1950s, we establish that there has been considerable continuity in policymakers’ perceptions of the benefits of price stability. Policymakers have consistently contended that deviations from price stability give rise to greater cyclical instability, and they have also frequently suggested that potential output is significantly lowered by inflation. The recurrent support for price stability that comes through in these statements implies that it is invalid to take periods in the U.S. record of deviations from price ...
Working Paper
Households' Preferences Over Inflation and Monetary Policy Tradeoffs
We document novel facts about U.S. household preferences over inflation and monetary policy. Many households are highly attentive to news about monetary policy and to interest rates. The median household perceives the Federal Reserve's inflation target to be three percent, but would prefer it to be lower. Quantifying the tradeoff between inflation and unemployment, we find an average acceptable sacrifice ratio of 0.6, implying that households are likely to find disinflation costly. Average preferences are well represented by a non-linear loss function with near equal weights on inflation and ...