Beyond The Phillips Curve: A Dynamic Approach To Communicating Assessments of “Maximum Employment”

Executive Summary

The Fed’s Framework and Forward Guidance Warrant A Communications Revamp of “Maximum Employment”

Originally published here
Source: Bureau of Labor Statistics (BLS)
Originally published here
Source: BLS
Source: Organization for Economic Co-operation and Development (OECD), BLS

Tradeoffs Between “Maximum Employment” and “Stable Prices” Change With Context and Over Time

Source: BLS, Bureau of Economic Analysis (BEA)
Source: BEA
Source: Federal Reserve Board of Governors
Source: Federal Reserve Board of Governors
Source: Federal Reserve Board of Governors

Three Scenarios The Fed Should Be Well-Equipped To Communicate

Source: Federal Reserve System, New York Times, Wall Street Journal
Source: BLS, Federal Reserve Board of Governors
Source: BLS
Source: BLS
Originally published here
Source: Census Bureau, Federal Reserve Bank (FRB) of Atlanta
Source: Census Bureau, Federal Reserve Bank (FRB) of Atlanta
Source: BEA
Source: BLS, Census Bureau, BEA, FRB Atlanta
Source: FRB San Francisco, BEA, BLS
Source: BLS

The Solution: Communicate The Dynamic and Multidimensional Nuances of Maximum Employment Assessments

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