Net-Net: Opportunity

Slides presented at the 2019 Clausen Center Conference on Global Economic Issues
Berkeley, California
By Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco
For delivery on November 16, 2019

These slides were presented during a discussion by President Daly at the 2019 Clausen Center Conference on Global Economic Issues.

Slide 1: Net-Net: Opportunity
Slide 2: Unemployment near historic lows
Slide 3: Inflation below 2% target
Slide 4: Phillips Curve has flattened
Slide 5: Dilemma or Opportunity?
Slide 6: Cyclical inflation is alive
Slide 7: Natural rate of unemployment is a moving target
Slide 8: Short-run and long-run u-star may differ
Slide 9: Dilemma or Opportunity?
Slide 10: Benefits
Slide 11: Prime-age participation is up
Slide 12: Disadvantaged workers making gains
Slide 13: Disadvantaged workers making gains (continued)
Slide 14: Costs?
Slide 15: Young workers not rushing in
Slide 16: School enrollment rates still high
Slide 17: Net-Net: Opportunity … for the labor market
Slide 18: Implications for Fed policy
Slide 19: Net-Net: Opportunity … for the economy
Slide 20: End of presentation. Visit FRBSF on our social media channels and our website, FRBSF.org
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