Housing and strongEconomic Recoverystrong - Federal Reserve Bank.pdf

* EMBARGOED UNTIL Weds., Sept. 28, 2011, at 2:40 AM U.S. Eastern Time 8:40 AM in Stockholm, Sweden; or upon delivery * Housing and Economic Recovery Eric S. Rosengren President Chief Executive Officer Federal Reserve Bank of Boston Remarks at the Economic Outlook Seminar Stockholm, Sweden September 28, 2011 It is a great pleasure to be in Sweden to participate in today’s session on the current economic outlook and tomorrow’s conference on capital markets in the post-crisis environment. It is vital that policymakers and practitioners study and apply the recent lessons of the global economy and financial interdependence, so I am glad to be able to join you in these discussions. I should note, of course, that the views I express today are my own, and not necessarily those of my colleagues on the Federal Reserve’s Board of Governors or the Federal Open Market Committee (the FOMC). On a personal note, I should mention that my grandfather John Johanson left Sweden at the age of six, changing his name to Rosengren and joining his father – who was deploying what he had learned as a gardener in Sweden to open greenhouses in America. My relatives were able to take what they had learned in Sweden and apply it – with perhaps some variation – in the United States. In 1 * EMBARGOED UNTIL Weds., Sept. 28, 2011, at 2:40 AM U.S. Eastern Time 8:40 AM in Stockholm, Sweden; or upon delivery * a similar way, there is much to consider about the economic experience in Europe and the U.S. over the past four years. What is similar? What is different? And what can be learne