A narrative history by a Fed insider of how monetary policy is shaped in the US, with special emphasis on the performances of former Chairman Ben Bernanke and current Chairwoman Janet Yellen in facing the prelude, outbreak, and aftermath of the 2008 financial crisis

AbstractThe following sections are included:Overview of the Macroprudential ApproachIdentifying and Addressing Structural Forms of Systemic RiskIdentifying and Addressing Cyclical Forms of Systemic RiskCurrent ChallengesConclusion

This paper explains upward job mobility and observed patterns of unemployment by skill as an economy recovers from a recession. Skilled unemployment is due to rational waiting by workers looking for long-term jobs when there is a "lock-in" effect. Lock-in occurs if the conditions in the labor...