Federal Reserve Bank of New York President John Williams said it’s unclear how a lift in productivity will ultimately impact interest rates and the central bank’s policymaking.
“My answer to the question of the effects of a shift in trend productivity growth on the economy and monetary policy is, unsurprisingly, ‘it depends,’” Williams said Thursday in remarks prepared for a central banking conference in Iceland. “In particular, it depends on the nature and expected duration of the shift in question.”
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