Laurence Meyer
Laurence Meyer
Laurence Meyeris an economist and was a United States Federal Reserve System governor from June 1996 to January 2002...
easy far gradual interest rates rising steady
So far it's been an easy roll, with interest rates rising at a steady gradual pace.
overall percent reduce
They could reduce tumors 88 percent overall and they could reduce 100 percent of cancerous tumors.
difficult economic model
He didn't think about the economic world the way most of us do. It made it difficult for him to communicate. His model was fundamentally different from everyone else's. That is what we'll miss.
below employment fed payroll slow study
If the Fed study is right, payroll employment would have to slow to well below that.
aggregate balance demand distinct further higher inflation labor markets product risk suggest supply today
The balance of aggregate demand and sustainable supply today and the distinct possibility that labor and product markets will tighten further suggest an unacceptable risk of overheating and, therefore, higher inflation in the future,
fed less might net next people picked tables thinking wider
That appointment got people scurrying back to their probability tables for the next Fed chairman, thinking the net might be wider and the person picked might be less credentialed, and that got people nervous.
communication innovation message policy
It was the same policy message but with a little innovation in communication.
chairman everybody favor game knew start
When the chairman made his recommendation at the start of the go-round, the game was up, it was over. Everybody knew what the chairman would be in favor of.
cause cutting early economy fed grew growth half investment near occurred percent quarter rates rebound strong time year
We got a lot more growth in the first quarter of 2002 than occurred in the first year after the 1990-91 recession, ... The economy grew near 4 percent in the first half of this year. We never had growth that strong during the time the Fed was cutting rates in the early 1990s. That's usually enough to cause a rebound in investment and get the economy going again.
communication technology opportunity
I accept the proposition that there has been a significant improvement in underlying productivity growth in the United States, that it is very closely tied to improvements in information and communications technology, and that it is likely to spread around the world. But I resist the new economy label because it seems to encourage a disrespect for the old rules that could seriously undermine our success in taking advantage of the new opportunities.
communication technology two
There are broader and narrower definitions of the new economy. The narrow version defines the new economy in terms of two principal developments: first, an increase in the economy's maximum sustainable growth rate and, second, the spread and increasing importance of information and communications technology.
fundamentals demand limits
The Broader interpretation that often seems to underlie the new economy label is that we are witnessing a more fundamental change in the paradigm. The old rules no longer apply. Throw out the NAIRU. Heck, throw out supply and demand. No limits, no business cycles.