Mixed signals: labor markets and monetary policy

Canyon Bosler, Mary Daly and Fernanda Nechio

FRBSF Economic Letter, 2014

Abstract: Since the Great Recession, standard ways of measuring the labor market have given mixed signals about the strength of the U.S. recovery. This has increased the uncertainty around how to interpret job market conditions, which has made calibrating monetary policy to achieve full employment more challenging. Ultimately, policymakers need to make judgments about how much these conflicting indicators reflect cyclical weakness in the job market versus structural factors that would be less easily remedied with monetary policy.

Date: 2014
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