Posted

April 27, 2015 11:31:57 PM

Date

2015-03

Author

James Bullard

Affiliation

President and CEO, FRB, St. Louis

Title

U.S. Monetary Policy Normalization

Summary /
Abstract

I considered five factors weighing on the decision to begin normalizing monetary policy:

Labor markets are likely to continue to improve.

Real GDP growth will likely continue apace despite a first-quarter slowdown.

Current low inflation in the U.S. is likely temporary.

A standard Taylor-type rule suggests liftoff should already have occurred.

The risks of remaining at zero too long may be substantial.

Keywords

Normalization of U.S. monetary policy

URL

https://www.stlouisfed.org/~/media/Files/PDFs/Bullard/remarks/Bullard-OMFIF-City-Lecture-Frankfurt-26-March-2015.pdf

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