The More Important Reason Is That The

Inflation Is Certainly Low And Stable And, Measured In Unemployment And Labour-market Slack, The Economy Has Made A Lot Of Progress. The Pace Of Growth Is Disappointingly Slow, Mostly Because Productivity Growth Has Been Very Slow, Which Is Not Really Something Amenable To Monetary Policy. It Comes From Changes In Technology, Changes In Worker Skills And A Variety Of Other Things, But Not Monetary Policy, In Particular.

Nobody Likes To Fail But Failure Is An Essential Part Of Life And Of Learning. If Your Uniform Isn't Dirty, You Haven't Been In The Game.

The Federal Reserve Is Not Currently Forecasting A Recession.

Given The Central Role Of Effective, Firmwide Risk Management In Maintaining Strong Financial Institutions, It Is Clear That Supervisors Must Redouble Their Efforts To Help Organizations Improve Their Risk-management Practices...we Are Also Considering The Need For Additional Or Revised Supervisory Guidance Regarding Various Aspects Of Risk Management, Including Further Emphasis On The Need For An Enterprise-wide Perspective When Assessing Risk.

I Served Seven Years As The Chair Of The Princeton Economics Department Where I Had Responsibility For Major Policy Decisions, Such As Whether To Serve Bagels Or Doughnuts At The Department Coffee Hour.