The Federal Reserve has evolved since the “Great Inflation” of the 1970s. With new tools and a deeper understanding of the importance of transparency, it is better prepared to meet the dual mandate goals of price stability and full employment, even in challenging times. The following is adapted from remarks by the president of the Federal Reserve Bank of San Francisco to the Los Angeles World Affairs Council & Town Hall on February 23.
this post authored by John Fernald, Huiyu Li, and Mitchell Ochse
The COVID-19 pandemic has caused massive disruptions to the U.S. educational system. Research on school closures - particularly combined with parental income loss - implies that children are likely to attain lower levels of lifetime education compared with pre-pandemic trends. Projections show learning disruptions could lower the level of annual economic output by 1/4 percentage point on average over the next 70 years. The effect is small the first 5-10 years then peaks at a loss of 1/2 percentage point in about 25 years when the children reach prime working age.
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