Are deviations from full employment a social problem? Obviously.

The lower half of households by wealth held just 3% of wealth in 1989 and only 1% in 2013.

I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.

Firms don't just try to pay as little as possible to get the needed bodies on board; when there is unemployment, they ask themselves how wage cuts would affect the behavior of the employees. Would they quit or feel dissatisfied and work less hard on the firm's behalf if they feel that wage policies are unfair?

In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.

The average net worth of the lower half of the distribution, representing 62 million households, was $11,000 in 2013. About one-fourth of these families reported zero wealth or negative net worth, and a significant fraction of those said they were "underwater" on their home mortgages, owing more than the value of the home. This $11,000 average is 50 percent lower than the average wealth of the lower half of families in 1989, adjusted for inflation.

We do not interpret bitcoin's popularity as having a relationship with the public's view of the Federal Reserve's conduct of monetary policy