Monetary policy and price stability
Karen H Johnson, Ralph W Tryon, David H Small, Board of Governors of the Federal Reserve System (U.S.)
Board of Governors of the Federal Reserve System, 1999 - Business & Economics - 40 pages
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4-quarter growth aggregate demand assets average balance sheet bias bonds bound on nominal central bank changes commercial paper consumer price index credit risk current period depreciate Depression economic growth empirical equation estimated Finance Discussion Papers funds rate GDP deflator impact inflation and economic inflation and productivity inflation objective inflation rate International Finance Discussion limited loan growth long-term inflation low inflation macro model measures of inflation monetary base monetary policy NAIRU negative shocks nominal interest rates nominal rates nominal wage open market operations open market purchases optimal options Orphanides and Wieland output gap percent policy actions POLICY AND PRICE policy rule policy under conditions potential price level price stability private sector problem productivity growth rate of inflation real interest rates recent right panel securities short-term interest rates Short-Term Nominal Interest Short-Term Real Interest T-bills target rate Treasury bills U.S. economy United variability of inflation wage rigidity zero bound zero lower bound