Thank you, Mark, and thank you for the opportunity to be part of the discussions today.1 For more than 40 years, the Stanford Institute for Economic Policy Research has assisted economic policymakers by producing sharp analysis and fostering the kind of constructive dialogue reflected in today's agenda. My topic today is the Federal Reserve's dual mandate of maximum employment and stable prices—and, specifically, the tradeoffs that sometimes arise when pursuing these two objectives. I say "sometimes" because there have been times and certain economic conditions in which such tradeoffs did not arise—or at least were ... (full story)