Federal Reserve's Second Monetary Policy Report for 1983: Hearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, and the Subcommittee on Economic Policy, Ninety-eighth Congress, First Session, on Oversight on the Midyear Monetary Policy Report to Congress Pursuant to the Full Employment and Balanced Growth Act of 1978 and the Issue of Monetary Policy and the Problems that Can Confront it Given the Federal Budget and the Current State of the Economy, July 21 and 28, 1983 |
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... trends ...... Monetary policy in 1983 and beyond Concluding remarks 23 Appendix Appendix II . 30 Midyear monetary policy report to Congress .. Section 1 : The outlook for the economy . 40 Section 2 : The Federal Reserve's objectives for ...
... trends ...... Monetary policy in 1983 and beyond Concluding remarks 23 Appendix Appendix II . 30 Midyear monetary policy report to Congress .. Section 1 : The outlook for the economy . 40 Section 2 : The Federal Reserve's objectives for ...
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... trends that we have seen in the past year will be sustained in an environment of growing business , higher profits , more ... trend of normal cyclical changes over earlier years for a variety of reasons . We have had some institutional ...
... trends that we have seen in the past year will be sustained in an environment of growing business , higher profits , more ... trend of normal cyclical changes over earlier years for a variety of reasons . We have had some institutional ...
Page 7
... trend in M1 may be changing and why the cyclical characteristics may be changing . They are importantly but not entirely tied up with the fact that we now pay interest on transactions balances to a considerable extent through NOW ac ...
... trend in M1 may be changing and why the cyclical characteristics may be changing . They are importantly but not entirely tied up with the fact that we now pay interest on transactions balances to a considerable extent through NOW ac ...
Page 13
... trends can be questioned . The picture of the largest and strongest economy in the world relying , in a capital - short world , on large inflows of funds to finance , directly or in- directly , internal budget deficits is not an ...
... trends can be questioned . The picture of the largest and strongest economy in the world relying , in a capital - short world , on large inflows of funds to finance , directly or in- directly , internal budget deficits is not an ...
Page 14
... trends of the past year . We are now approaching whether those trends can be extended into and a new test -- through a period of recovery . Today , orders are rising , businesses are hiring , layoffs are sharply diminished , and profits ...
... trends of the past year . We are now approaching whether those trends can be extended into and a new test -- through a period of recovery . Today , orders are rising , businesses are hiring , layoffs are sharply diminished , and profits ...
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Common terms and phrases
annual rate average bank behavior billion budget deficits budget resolution Chairman Volcker changes CONGRESS THE LIBRARY continue debt decline in velocity deposit accounts dollar economic activity economic recovery effect exchange rates expected Federal Reserve FELDSTEIN financial markets fiscal policy FOMC forecast fourth quarter going growth rate higher important increase inflation rate inflationary LIBRARY OF CONGRESS long-term look lower interest rates M₁ Ml growth MMDAs monetarist monetary aggregates monetary expansion monetary growth monetary policy money growth money supply months nominal GNP growth open market operations outlook percent period problem Professor BLINDER quarter of 1983 question range rate of inflation rate of money real GNP real growth real interest rates recent recession reduce rise risk second quarter sectors Senator GORTON Senator PROXMIRE Senator RIEGLE short run short-term slowing spending SPRINKEL stability statement substantial sustained targets tion Treasury securities trend unemployment
Popular passages
Page 279 - To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.
Page 260 - The Federal Open Market Committee seeks to foster monetary and financial conditions that will help to reduce Inflation further, promote growth in output on a sustainable basis, and contribute to an Improved pattern of international transactions. In...
Page 279 - As amended, paragraph 1A read as follows: 1. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, for System Open Market Account, to the extent necessary to carry out the Committee's foreign currency directive...
Page 248 - Such records for each meeting of the Committee are made available a few days after the next regularly scheduled meeting and are published in the Federal Reserve Bulletin and the Board's Annual Report. The summary descriptions of economic and financial conditions they contain are based solely on the information that was available to the Committee at the time of the meeting. Attachment...
Page 280 - ... are not repurchased by the seller, they shall continue to be held by the Federal Reserve Bank or shall be sold in the open market. 2. In order to ensure the effective conduct of open market operations, the Federal Open Market Committee authorizes and directs the Federal Reserve Banks to lend US Government securities held in the System Open Market Account to Government securities dealers and to banks participating in Government securities clearing arrangements conducted through a Federal Reserve...
Page 277 - The Chairman may call for Committee consultation if it appears to the Manager for Domestic Operations that pursuit of the monetary objectives and related reserve paths during the period before the next meeting is likely to be associated with a federal funds rate persistently outside a range of 6 to 10 percent« Votes for short-run operational paragraph: Messrs.
Page 280 - Committee, shall be determined by competitive bidding, after applying reasonable limitations on the volume of agreements with individual dealers; provided that in the event Government securities or agency issues covered by any such agreement are not repurchased by the dealer pursuant to the agreement or a renewal thereof, they shall be sold in the market or transferred to the System Open Market Account; and provided further that in the event bankers...
Page 280 - York, on a cash, regular, or deferred delivery basis, for the System Open Market Account at market prices, and, for such Account, to exchange maturing US Government and Federal agency securities with the Treasury or the individual agencies or to allow them to mature without replacement; provided that the aggregate amount of US Government and Federal agency securities held in such Account (including forward commitments) at the close of business on the day of a meeting of the Committee at which action...
Page 276 - Ml for 1983 was a growth rate of 4 to 8 percent from the fourth quarter of 1982 to the fourth quarter of 1983.
Page 278 - Committee followed its customary practice of reviewing all of its continuing authorizations and directives at this first regular meeting of the Federal Open Market Committee following the election of new members from the Federal Reserve Banks to serve for the year beginning March l, l983.