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.
A group of economic advisers appointed by the President to help formulate economic policy. This group typically consists of three members, who work in an advisory capacity and are not responsible for actual implementation of the policy.
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.
The Council of Economic Advisers had provided useful recommendations and keen insight that would be beneficial in making the decision.
He worked on the council of economic advisers and we all were happy for him because that was a good position to be in.
The Council of Economic Advisers had predicted the coming recession, but their calls for action fell on the deaf ears of the politicians.
Ben Bernanke
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This glossary post was last updated: 26th October, 2021 | 0 Views.