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How Should We Think About Full Employment In The Federal Reserve s Dual Mandate? Federal Reserve Governor Lael Brainard - At The Ec10, Principles Of Economics, Lecture, Faculty Of Arts And Sciences, Harvard University, Cambridge, Massachusetts (Via Webcast) Date
24/02/2021
I want to thank Jason Furman and David Laibson for inviting me to join your economics class. I often found it difficult in introductory economics to connect the abstract concepts in the textbooks to the real-world issues I cared about. So the one message I hope you remember from today is that economics provides powerful tools to enable you to analyze and affect the issues that matter most to you.1
Illinois households earning less than $40,000 were four-times as likely to lose their jobs from February-April 2020 and nearly 11 times as likely to still be out of work compared to those earning $75,000 or more.
Cities With the Fastest Growing Wages
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Slow wage growth and increasing wage inequality have characterized the U.S. labor market for the past several decades. The COVID-19 pandemic has disproportionately impacted lower-wage workers, only serving to exacerbate these problems. Now, a year into the pandemic, millions of workers remain unemployed and many businesses still face restrictions.
Over the past five years, average annual wages increased by 4.8%, after adjusting for inflation. However, much of the increase in average wages can be attributed to growing wages among the highest earners. According to an analysis of