| Description |
xxviii, 541 pages : illustrations, charts ; 23 cm |
| Series |
Symposium series / Federal Reserve Bank of Kansas City ; 2022 |
|
Symposium series (Federal Reserve Bank of Kansas City) ; 2022.
|
| Bibliography |
Includes bibliographical references. |
| Contents |
The contributors -- Introduction / Joseph Gruber -- The moderators / Peter Blair Henry, Kristin J. Forbes -- Welcoming remarks / Esther L. George -- Opening remarks / Jerome H. Powell -- Reassessing economic constraints: maximum employment or maximum hours? / Nicola Fuchs-Schündeln -- Commentary / Stephanie Aaronson -- General discussion -- The impact of COVID on productivity and potential output / John Fernald -- Commentary / Janice C. Eberly -- General discussion -- Panel: An end to pre-pandemic trends or just a temporary interruption? / Jason Furman, Gita Gopinath, Valerie A. Ramey -- General discussion -- Luncheon address: a story of tailwinds and headwinds: aggregate supply and macroeconomics stabilization / Agustín Carstens -- General discussion -- Inflation as a fiscal limit / Franceso Bianchi -- Commentary / Ethan Ilzetzki -- General discussion -- Liquidity dependence: why shrinking central bank balance sheets is an uphill task / Viral Acharya -- Commentary / Wenxin, Du -- General discussion -- Panel: The outlook for policy post-pandemic / Fran̦çois Villeroy De Galhau, Thomas J. Jordan, Chang Yong Rhee, Isabel Schnabel -- General discussion -- The participants. |
| Summary |
"Constraints are a central element of economic theory: budget constraints, intertemporal constraints, production possibility frontiers, opportunity costs, and the Phillips Curve. However, over the past two decades, the macroeconomic conversation has been increasingly dominated by concern over deficient demand, with supply constraints fading into the background. Supporting this shift, recent recessions (prior to the pandemic) have been largely attributed to financial disruptions rather than the supply shocks and inflationary dynamics that had driven earlier post-war recessions. ; The economic recovery following the pandemic shock has brought supply constraints back to center stage. Bottlenecks and shortages related to pandemic disruptions have limited supply and pushed up prices. More generally, supply has struggled to keep pace with a surge in demand, supported by historic levels of fiscal and monetary accommodation. Once again, supply constraints are a key factor in the outlook for economic activity. ; While these dormant constraints have reemerged in the broader economy, long-assumed macroeconomic policy constraints seem, at first glance, to have disappeared. Fiscal debt-to-GDP ratios jumped with little apparent effect on the pricing of government debt. Likewise, central banks have greatly expanded their balance sheets with little discussion of associated costs or constraints. Where do the constraints on policy lie? And when are they likely to reemerge?"--Excerpt from Introduction. |
| Subject |
Macroeconomics -- Congresses.
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Monetary policy -- Congresses.
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Economic policy -- Congresses.
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Financial crises -- Government policy -- Congresses.
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Financial institutions -- Law and legislation -- Congresses.
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International finance -- Law and legislation -- Congresses.
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COVID-19 Pandemic, 2020- -- Economic aspects -- Congresses.
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Banks and banking, Central -- Congresses.
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Macroeconomics. (OCoLC)fst01005221
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Monetary policy. (OCoLC)fst01025230
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Economic policy (OCoLC)fst00902025
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Financial crises -- Government policy.
(OCoLC)fst01941272
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Financial institutions -- Law and legislation.
(OCoLC)fst00924669
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International finance -- Law and legislation.
(OCoLC)fst00976955
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COVID-19 (Disease) -- Economic aspects.
(OCoLC)fst02021810
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Banks and banking, Central. (OCoLC)fst00827036
|
| Genre/Form |
Conference papers and proceedings. (OCoLC)fst01423772
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Conference papers and proceedings.
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| Added Author |
Schneider, Barry, editor.
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Schneider, Beth Norman, layout designer.
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Federal Reserve Bank of Kansas City, issuing body.
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