Kugler: Assessing Maximum Employment

From federalreserve.gov

Thank you, Francine, and thank you to the Central Bank of Iceland for the invitation to speak to you today.1 My subject is the Federal Reserve's mandate of maximum employment. In the Fed's monetary policymaking, maximum employment and stable prices are linked in the mandate assigned to the Federal Reserve by U.S. law, which we refer to as the dual mandate. Icelanders, I know, are a seafaring people, and those here will understand what I mean when I say that the dual mandate is our "lodestar," a word our two languages share. It is our goal and our guide in setting monetary policy. There is an important ... (full story)