The outcome for society as a whole is that new entrants can gain access to work and training quickly, meaning that long term unemployment is low. Germany has amongst the lowest youth unemployment rates in the world, currently standing at 7,7 per cent, compared with the Eurozone average of 23,9 per cent.
However, until now, these releases did not include any information about the assumptions policymakers made about the path of monetary policy. Therefore, it was difficult for the public to interpret the projections for growth, employment, and inflation. Early last summer, Chairman Bernanke asked Governor Yellen, Governor Raskin, President Evans, and me to serve on a communications subcommittee.