Board of Governors of the Federal Reserve System

policy record As suggested at the April meeting of the FOMC, the Subcommittee...policy record, and has the following conclusions and recommendations to

Policy Objectives SECTION 2B—Appearances Before and Reports to the Congress...Policy Changes SECTION 60—Measures to Reduce Military Spending by Developing

investors’ discount rates. I use institu- tional features of this era ...investors in a variety of assets, but proving this argument is difficult

expectations remains critically important. On expected similar to realized...low-inflation-expectations environment and suggest that policy should

policy records." It is contemplated that this memorandum will be discussed...policy directive is formulated as an example of a general policy of deferment

investors’ behavior? We answer this question using a novel database that...investors for additional sovereign risk, so that bond funds reduce their

Expectations about the Federal Reserve’s Balance Sheet and the Term Structure...invest funds with the Fed overnight at a given rate. The ON RRP counterparties

invest their 4 q C(q) q = B(q) q A(q) qAF = q∗ (a) Unconstrained bond

policy in terms of macroeconomic stability, r** is meant to provide a ...policy and the financial (in)stability real interest rate to further research

Policy and Research Implications Appendix A: Methodology Appendix B: Responses...expectations about future job opportunities are: Response Percent Refused