This finding, particularly against the background of the projected demographic trends, indicates that a marked slowdown in the effective schooling of the entire population is expected in the coming years – which is expected to markedly lower the contribution of increased education to per capita GDP growth.
Over my five years as Chair, I have pursued this aim by extending postmeeting press conferences to all FOMC meetings and instituting ongoing personal dialogue with legislators. This continuous dialogue goes well beyond the regular testimony, established by statute, in which I report to the congressional committees that have oversight responsibilities regarding monetary policy.