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Lessons From History, Policy For Today this post authored by Mary C. Daly
Today’s economic challenges are different from the past, and it’s important to learn from history to achieve a better economic future for everyone. As the economy recovers from the effects of COVID-19, the Fed’s new policy framework retains vigilance against inflation while committing to not pull back the reins on the economy in response to a strong labor market.
The following is adapted from a virtual webinar by the president and CEO of the Federal Reserve Bank of San Francisco to the Economic Club of New York on March 2.
VallettaMalta-generalMaltaNew-yorkUnited-statesWellingtonNew-zealand-generalNew-zealandIrelandDublinSan-franciscoCaliforniaEconomic Club of New York Virtual Webinar
New York, NY
For delivery on Tuesday, March 2, 2021 2:00 P.M. EST
Introduction
In February of last year, right before COVID-19 hit our shores, I was in Ireland. Walking around Dublin one day, I happened upon a converted warehouse with artists selling their work. One of the artists had a wall of beautifully colored, tiny framed prints. Each one was etched with the phrase “History Will Repeat Itself” followed by an arrow pointing to the future. It seemed a pessimistic, almost fatalistic view, so I asked him if he had painted it out of prophecy or fear. He answered, somewhat gruffly, “Both.”
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