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Zero is a concern and we have less scope than i would like to see or expect us to have in the longer run. Now, i think it would be worthwhile for other policymakers to think about what role they could play in addressing negative shocks should they come, and i mentioned specifically automatic stabilizers because i think thats an important way in which fiscal policy serves to cushion shocks to the economy. And it would seem to me, without getting into specifics, that there are ways in which the response of fiscal policy to shifts in the economy could be strengthened, which would help take some burden off Monetary Policy. In the runup to the brexit vote earlier this year, several fed policymakers cited it as a reason they were reluctant to raise rates in june, because of the uncertainty related to that vote. In the runup to the president ial election, i havent heard the feds say that as a reason they might not raise it in november. ....
Now is probably benefitting around 1,000 a year, and some very detailed microdata that ive seen on Household Spending patterns suggests that there may be a link, as you would expect, from reduced bill reduced amounts that people pay at the pump to other spending, like eating out for restaurant meals and other things, but the aggregate data, you know, is not as strong as it and spending is not as strong as it could be given the decline. And, of course, on the other side, we are and maybe it will take a while and its something that well slowly strengthen over time, if Oil Prices Stay low. On the other side, of course, we have seen a marked decline in drilling activity, which is depressed investment spending and of course, very substantial layoffs in the energy sector. With respect to impact of oil prices on inflation and what would happen if they move up, the committee has ....
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