Fed's Tarullo on Monetary Policy

The transcript discusses the current state of the US economy and various approaches to monetary policy. It highlights the complexity of determining 'normal' interest rates and the debate between normalizing rates versus maintaining low rates due to secular stagnation. The speaker emphasizes the importance of being data-sensitive and gradual in policy decisions, considering factors like employment and inflation. The discussion also touches on the global economic environment and its impact on employment and wages, particularly for marginalized labor groups.

What are the four ways of looking at monetary policy mentioned in the text?

What does the speaker suggest about the normalization of monetary policy?

How does the speaker describe the current economic environment in relation to employment and inflation?

What are the implications of being data sensitive in monetary policy according to the speaker?

What questions does the speaker suggest should be asked as the economy evolves?