Not for publication before May 16, 2018 12:15 p.m. Eastern Time  2  My remarks today are organized around four separate but closely related questions: 1. What is potential output? 2. How do we measure it? 3. Why is it important for policy? 4. What policies have supported potential output growth in the past and could again in the future?
The answers to these questions should help you better understand not only our policy in the near term, but also our thinking about policy-making over a longer horizon. What is potential output?