Recent Fed actions re: the crisis; unemployment post-crisis – structural or cyclical?

Janet Yellen, now Vice Chair of the Federal Reserve Board of Governors (you remember her from the Budgets and Fiscal Policy module of our class) delivered these remarks on February 11, 2013 – an excellent and clear summary of the Fed’s dual mandate and its actions in response to the fiscal crisis as well as current stance.  I commend it to you.

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