Cecilia Rouse was an undergraduate at Harvard University when the American unemployment rate skyrocketed to 10.8 percent in the early 1980s. Rouse was mesmerized by the turbulent economy of that decade. The 10.8 percent helped crystallize her career track, leading her into a career as an economist and ultimately to a stint on President Obama?s Council of Economic Advisers. "It was really that high unemployment [rate] that drew me to the field [of economics]," she recalls. Back then, reducing the unemployment rate was a simple task. "We understood what we did [to raise it]," she says. "It was a monetary problem. The Fed had increased the federal funds rate too fast, so they lowered it. The unemployment rate shot up above 10 percent, and it came down like a rock."
Source: http://feeds.slate.com/click.phdo?i=e74b4e4754022c9eb2d27136987b57a9
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