The Fed’s dual mandate is to promote maximum employment and keep prices stable. Please first explain how the Fed used its monetary policy tools (federal funds target rate, discount rate, open market operations) during the Covid recession to stimulate the economy
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1. What can you tell about the US economy based on Chair Powell’s press conference (GDP, economic growth, unemployment, inflation)?
2. The Fed’s dual mandate is to promote maximum employment and keep prices stable. Please first explain how the Fed used its monetary policy tools (federal funds target rate, discount rate, open market operations) during the Covid recession to stimulate the economy
3. Compare the Fed’s policy during Covid Recession (2020) to the policy during the Great Recession (2008-2009). How similar was the Fed’s approach to combat the Covid Recession to the Fed’s policy during the Great Recession?
4. Then, comment on the Fed’s current monetary policy (2022) based on Powell’s testimony. Is the current monetary policy expansionary or contractionary?
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20221102.pdf
https://www.federalreserve.gov/newsevents/pressreleases/monetary20221102a.htm
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