Let me now turn from the measurement issues raised by the information age to an issue that has long been at the center of monetary policymaking: How tight is the labor market? Answering this question is central to our outlook for both of our dual-mandate goals of maximum employment and price stability.
While this topic is always front and  13  In the case of Facebook, Brynjolfsson, Collis, and Eggers (2019) found that the median user required compensation of $ to live without that social media platform for a month. 14 Byrne and Corrado (2019). -8center in our thinking, I am raising it today to illustrate how we are using big data to inform policymaking.