Business, Legal & Accounting Glossary
The Council of Economic Advisers is a group of three individuals who advise the President of the United States on the economy.
The Council of Economic Advisers is a panel that provides the President of the United States with advice on matters of international and domestic economic policy.
Congress established the Council of Economic Advisers with the passage of the Employment Act of 1946. Three economists (i.e. a chairman and two members) comprise the Council of Economic Advisers. The President appoints and the Senate approves the Chairman and members of the Council of Economic Advisers. Typically, prominent figures in their field are chosen; past chairmen include Martin Feldstein and Joseph Stiglitz. A staff of statisticians, research assistants, and professional senior economists, in turn, provide analytical support to the economists on the Council of Economic Advisers.
Every year the Council of Economic Advisers produces a report, “The Economic Report of the President,” that evaluates economic developments of the previous year and makes projections about the upcoming year. Achieving low unemployment rates, low inflation, and higher GDP are generally the long-range goals of the Council of Economic Advisers.
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This glossary post was last updated: 4th August, 2021 | 2 Views.