This morning I will offer some thoughts on why the pace of recovery in the United States has, for the most part, proved disappointing thus far, and I will discuss the Federal Reserve’s policy response.
I will then turn briefly to the longer-term prospects of our economy and the need for our country’s economic policies to be effective from both a shorter-term and longerterm perspective. Near-term prospects for the economy and policy In discussing the prospects for the economy and for policy in the near term, it bears recalling briefly how we got here.