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Kocherlakota Minsky Speech 032012

Kocherlakota Minsky Speech 032012

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Published by ritholtz
On the Limits to Monetary Policy - Executive Summary

Narayana Kocherlakota - President
Federal Reserve Bank of Minneapolis

2nd Annual Hyman P. Minsky Lecture
Washington University, St. Louis, Missouri
March 20, 2012
On the Limits to Monetary Policy - Executive Summary

Narayana Kocherlakota - President
Federal Reserve Bank of Minneapolis

2nd Annual Hyman P. Minsky Lecture
Washington University, St. Louis, Missouri
March 20, 2012

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Categories:Business/Law, Finance
Published by: ritholtz on Mar 21, 2012
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11/14/2012

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On the Limits to Monetary Policy
March 2012Narayana KocherlakotaFederal Reserve Bank of Minneapolis
 
Monetary Policy in the United States
The Federal Open Market Committee (FOMC) formulates monetary policy.
It seeks to ful
ll a dual mandate from Congress.
promote price stability
promote maximum employment
The FOMC views the two objectives as generally complementary.
 
Dual Mandate Performance Since 2007
The Great Recession began in the fourth quarter of 2007.
Over the intervening four years, average in
ation is close to the Fed’s targetof 2%.
But employment is much lower now than four years ago.

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