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Mixed signals: labor markets and monetary policy

Author

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  • Canyon Bosler
  • Mary C. Daly
  • Fernanda Nechio

Abstract

Since the Great Recession, standard ways of measuring the labor market have given mixed signals about the strength of the U.S. recovery. This has increased the uncertainty around how to interpret job market conditions, which has made calibrating monetary policy to achieve full employment more challenging. Ultimately, policymakers need to make judgments about how much these conflicting indicators reflect cyclical weakness in the job market versus structural factors that would be less easily remedied with monetary policy.

Suggested Citation

  • Canyon Bosler & Mary C. Daly & Fernanda Nechio, 2014. "Mixed signals: labor markets and monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00038
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    File URL: http://www.frbsf.org/economic-research/publications/economic-letter/2014/december/unemployment-labor-monetary-policy-taylor-rule-job-market/el2014-36.pdf
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    Cited by:

    1. Early Elias & Helen Irvin & Òscar Jordà, 2014. "Monetary policy when the spyglass is smudged," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    2. Mikhail V. Oet & Kalle Lyytinen, 2017. "Does Financial Stability Matter to the Fed in Setting US Monetary Policy?," Review of Finance, European Finance Association, vol. 21(1), pages 389-432.

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