St. Louis Federal Reserve Bank President James Bullard Wednesday argued that monetary policy may not be the ideal tool to tackle the nation's jobs crisis, and that more direct policies are needed, while the Fed would be better served focusing more on its price stability mandate.

In remarks prepared for delivery at the Hyman Minsky Conference hosted by the Levy Institute in New York, Bullard said that "the essential problem is that monetary policy is not a good tool to address labor market inefficiency."

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