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Last Updated: 04/05/16

The Implications of Slow Growth for Monetary Policy

A speech delivered on April 5, 2016, at the Credit Suisse Asian Investment Conference in Hong Kong.

References

Aaronson, Daniel, and Daniel G. Sullivan, 2002, “Growth in worker quality,” Chicago Fed Letter, Federal Reserve Bank of Chicago, No. 174, February.

Board of Governors of the Federal Reserve System, 2015, “What were the Federal Reserve's large-scale asset purchases?,” Current FAQs, December 22.

Byrne, David M., John G. Fernald and Marshall B. Reinsdorf, 2016, “Does the United States have a productivity slowdown or a measurement problem?,” Federal Reserve Bank of San Francisco, working paper, No. 2016-03, March.

Federal Open Market Committee, 2016a, Summary of Economic Projections, Washington, DC, March 16.

Federal Open Market Committee, 2016b, “Statement on longer-run goals and monetary policy strategy,” Washington, DC, as amended effective January 26.

Federal Open Market Committee, 2012a, press release, Washington, DC, January 25.

Federal Open Market Committee, 2012b, Summary of Economic Projections, Washington, DC, January 25

Fernald, John G., 2014, “Productivity and potential output before, during and after the Great Recession,” Federal Reserve Bank of San Francisco, working paper, No. 2014-15, June 

Gordon, Robert J., 2012, “Is U.S. economic growth over? Faltering innovation confronts the six headwinds,” National Bureau of Economic Research, No. 18315, August.

International Monetary Fund, 2016, “Subdued demand, diminished prospects,” World Economic Outlook Update, Washington, DC, January 19.

International Monetary Fund, 2015, “Where are we headed? Perspectives on potential output," World Economic Outlook: Uneven Growth — Short- and Long-Term Factors, Washington, DC, April, pp. 69–110.

Rachel, Lukasz, and Thomas D. Smith, 2015, “Secular drivers of the global real interest rate,” Bank of England, staff working paper, No. 571, December.

 

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