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Monetary Policy's Role in Fostering Sustainable Growth

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Abstract

As the economy has transitioned from recovery to expansion, the role of monetary policy has shifted to sustaining the expansion by gradually moving conventional and unconventional policy back to normal. But monetary policy is reaching its limit for stimulating growth, calling for private and public sector investments and policies to step up and take the lead. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Economic Club of Las Vegas in Las Vegas on August 2.

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  • John C. Williams, 2017. "Monetary Policy's Role in Fostering Sustainable Growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00137
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    1. David M. Byrne & John G. Fernald & Marshall B. Reinsdorf, 2016. "Does the United States Have a Productivity Slowdown or a Measurement Problem?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(1 (Spring), pages 109-182.
    2. John G. Fernald, 2016. "What Is the New Normal for U.S. Growth?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    3. Andreas Hornstein & Marianna Kudlyak & Fabian Lange, 2014. "Measuring Resource Utilization in the Labor Market," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 1-21.
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