In moving forward on finding a sustainable solution to global imbalances, we will be guided, individually at the country level and collectively at the G-20 level, by insights from academic research. It is in this context that work of insightful economists like Prof. Obstfeld will be important. Ladies and gentlemen, please join me in welcoming Prof. Maurice Obstfeld to deliver the 12th L.K.
Conclusion To sum up, I expect continued moderate recovery in 2012. My forecast is for the unemployment rate to gradually (and perhaps fitfully) move lower and for inflation to settle over coming quarters at or below levels consistent with the Federal Reserve’s dual mandate. In this environment, I believe that the current stance of monetary policy is appropriate.