Greater Philadelphia Chamber of Commerce<p> President Charles Plosser gives his views on economic growth, inflation, and employment. He also discusses several core principles of sound central banking that have guided his thinking and approach to monetary policy.

This paper documents a strong association between total factor productivity (TFP) growth and the value of U.S. corporations (measured as the value of equities and net debt for the U.S. corporate sector) throughout the postwar period. Persistent fluctuations in the first two moments of TFP growth...