"If The Fool persists in his Folly he will become wise." - William Blake
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Kocherlakota: Still Room for Improvement
Thank you for that generous introduction, and thank you for the opportunity to speak to you today. My speech today focuses on the behavior of the labor market over the past nine years. I will document that, after several painful years of labor market stagnation, the United States experienced truly historic improvement in labor market performance in 2014. Unfortunately, these labor market gains have slowed markedly in 2015. This may suggest to some that there is little room for further improvement in labor market outcomes. I will argue that current and projected low inflation presents strong evidence to the contrary. ... (full story)