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.

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

In government institutions and in teaching, you need to inspire confidence. To achieve credibility, you have to very clearly explain what you are doing and why. The same principles apply to businesses.

Prospects for growth in the year ahead are solid at the national level, and of course, this can only be good news for the Bay Area and California as well. The U. S. economy has shown remarkable resilience in the face of some severe shocks - in particular, the surge in energy prices that began a couple of years ago and the devastation wrought by the twin hurricanes last summer.

Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.

I think it is appropriate to ask whether this trend is compatible with values rooted in our nation's history, among them the high value Americans have traditionally placed on equality of opportunity.

Individuals out of work for an extended period can become less employable as they lose the specific skills acquired in their previous jobs and also lose the habits needed to hold down any job.