In а speech at the 32nd General Conference of the International Association for Research in Income and Wealth in Cambridge, Mass. the Fed Chairman Ben Bernanke stressed the importance of finding “better and more direct measurements of economic well-being” which would allow economists to more accurately assess the economy's impact.
Bernanke pointed out that data which describes the situation of large groups only sometimes conceals the problems of individuals and households. He advised paying more attention to microeconomic data and even considering elements of research on psychological and neurological factors driving human decisions.
The Fed chairman did not comment on monetary policy or current economic issues.