Hello, welcome back. Were going to get started on the rest of the event. So im very excited to introduce our next panel. Its all about the labor market. We have two great panelists. The first is were going to hear from katia peneva from the Federal Reserve board. Just to provide some context, thats the section thats responsible for preparing the forecast of inflation and wages and prices for the fomc. I have to admit that we were longtime colleagues and i want to assure any lawyers that are here that none of our conversation should be interpreted to constitute my making a request of katia, the Federal Reserve system or the fomc, so were clear. Our second panelist is jared bernstein, a senior fellow at the center on budget and policy priorities and hes been very active for many years thinking about the labor market, inequality and macro policy from his positions both within the Obama Administration and within various think tanks here in d. C. You can read more about his thoughts in his
So, im very excited to introduce our next panel. Its all about the labor market. We have two great panelists. The first we will hear from kostya, a principal economist in prices and wages section in the division of research and statistics at the Federal Reserve board. To provide context, thats the section responsible for preparing the forecast of inflation and prices for the fomc. I have to admit that katia and i were long time colleagues. I want to assure any lawyers here none of our conversation should constitute my making a request of katia, the Federal Reserve system or fomc. Our second panelist is jared bernstein, a senior panel at the budget on policy and been active many years in the labor market and inequality and policy both in the Obama Administration and in various think tanks in d. C. And you can read more about his thoughts on the economy. I will turn the presentation over. Thank you very much, stephanie. Its a pleasure to be here. How do i thank you. Okay. So, in the spir
Prices and wages section in the division of research statistics. Some context e thats the section thats preparing the forecast of inflation and wages fomc. Rices for the weve been long time colleagues and i want to assure any lawyers none of our that conversations should be nterpreted to constitute my making a request of the federal fomc. Ve system or the i think were clear. Our second panelist is jared senior fellow at the center on budget and policy priorities and hes been very years thinking about the labor market, nequality and macropolicy from his position both in the Obama Administration and in various think tanks here in d. C. And you read more about his thoughts on the economy. Let me turn the presentation over to them. Thank you very much. Steph. Here. A pleasure to be. Thank you chlt of making e spirit disclaimers i should say the they dontssed here, necessarily reflect the views of colleagues of the board or he Research Staff at the Federal Reserve system as a whole. Ill sta
Questions relevant. Today one of the most vexing questions for people who participant in markets, but thats a different part of the world, is that inflation has refused to rise, much less persist, at the 2 targets. Key question is, why . While history will be the judge once the data has been interrogated, we dont have time for that, because todays policymakers and investors need to act and to do so require at least a rudimentary answer to this puzzle. Today we have gathered some of the leading experts in the world. Inflation didnt fall as much during the Great Recession as the models anticipated and hasnt risen as much lately. Is it dead or just dormant or has the death been much exaggerated. In my experience, wiped capitulation is the first sign of the bottom. Thats kind of where we are right now. Has Monetary Policy been so well anchored. Have globalization and Technology Made raising prizes difficult . Has the economy evolved in ways the models simply havent been incorporated . And