Structural shifts in the labor markets can't be remedied by monetary policy, Federal Reserve Bank of Richmond President Jeffrey M. Lacker said Thursday, and he added he believes that describes the current situation.
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"My own view is that much of what we have experienced since the Great Recession is the result of structural shocks and longer-term changes in the economy, which has led me and my colleagues at the Richmond Fed to think about how we can best prepare workers to respond to future changes," he said in a speech at Lynchburg College, according to text released by the Fed. "One answer seems to be thinking about workforce development as a long-term investment, not a short-term fix."
