Conduct of Monetary Policy: Report of the Federal Reserve Board Pursuant to the Full Employment and Balanced Growth Act of 1978, P.L. 95-523, and the State of the Economy : Hearing Before the Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, House of Representatives, One Hundred Fourth Congress, Second Session, July 23, 1996, Volume 4 |
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Alan Greenspan American average BACHUS balance BENTSEN billion Board bonds boost central banks Chairman CASTLE Chairman Greenspan Committee Congress consumer price consumer price index continued cost countries debt declined dollar economic activity economic growth employment employment cost index expected Federal Reserve System financial markets fiscal food and energy foreign foreign exchange markets fourth quarter FRANK FRANK LOBIONDO funds gross domestic product growth rate household income increase indicated industrial inflation inflationary interest rates International Monetary Policy investment issue labor market LAZIO loans long-term look METCALF monetary policy months nominal GDP outlays pace percentage point pressures problem productivity quarter of 1996 questions range real GDP recent reduce reflect remained Reserve Bank Reserve's rise risen rose second quarter sector significant spending Subcommittee on Domestic SUE W suggest sweep accounts Thank tion transaction account Treasury Treasury securities trend unemployment rate
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Page 65 - Percent, annual rate 1991 1992 1993 1994 1995 1996 Economic Developments The Household Sector After a sluggish performance in late 1995. spending by households has picked up noticeably this year, Consumer expenditures increased about 3'/2 percent at an annual rate in real terms in the first quarter and appear to have posted another sizable gain in the second quarter, In addition, according to indexes such as those compiled by the Survey Research Center at the University of Michigan and the Conference...
Page 45 - Looking forward, there are a number of reasons to expect demands to moderate and economic activity to settle back toward a more sustainable pace in the months ahead. First, the bond markets have taken a turn toward restraint this year as they have responded to incoming data depicting an economy that was stronger than had been anticipated. Intermediate- and longer-term interest rates have risen from I to 1-1/4 percentage points since January.
Page 80 - Since mid-April, the weighted average value of the dollar in terms of the other G-10 currencies has...
Page 4 - Franklin Roosevelt could be a good neighbor abroad because he was a good neighbor at home. It is not an accident that Roosevelt gave us the minimum wage law during the Roosevelt Administration, and there are varying degrees of enthusiasm about some of these things, but we got the National Labor Relations Act, a blessed memory since it was silently assassinated about 10 years ago. We got...
Page 11 - Because workers are more worried about their own job security and their marketability if forced to change jobs, they are apparently accepting smaller increases in their compensation at any given level of labor-market tightness,
Page 84 - Board is proposing to: (1) increase the amount of revenue that a section 20 subsidiary may derive from underwriting and dealing in securities...