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Central bankers need to overhaul outdated thinking on labor markets

More than 80% of the world's central banks have no employment goal

| North America
Federal Reserve Chairman Jerome Powell, pictured on June 30: the Fed's shift to actively pursuing an employment goal as part of its operational objectives is welcome.   © Reuters

Adam Posen is President of the Peterson Institute for International Economics in Washington, DC.

Federal Reserve Chair Jerome Powell has been more forthright than his predecessors about the relevance of monetary policy for employment. Powell, therefore, has become an advocate for actively pursuing an employment goal as part of the central bank's operational objectives.

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