Board of Governors of the Federal Reserve System

response to changes to U.S. generally accepted accounting principles (...response to changes to GAAP as promulgated by the FASB in ASU 2016–13,

response of wages to cyclical fluctuations that have pertained in the

response to the output gap; it prescribes a funds rate target of about...response to the level of the output gap; however, their short-run responses

crisis constrained the ability of finance companies, banks, and even credit...responses primarily reflect credit supply conditions, and, indeed, we

2016 Submission for State Street Corporation: Public Section Where you can find more information: State Street Corporation (“SSC”) files annual

crisis that go beyond seasonal or trend changes. 9 11.0 2 6.9 7 13.2 44

response of output to aggregate shocks. JEL Classification: D52, E13, ...crisis, financial intermediaries may experience rapid and large withdrawals

responses. Where possible, the Board resolved identified issues by following...responses with unresolved issues that affected the calcu- BOARD OF GOVERNORS

crisis shock. In this version of the model, what matters for the policy...response of inflation expectations is also consistent with the empirical

response ∗The views in this paper are solely the responsibility of the...crisis and the more recent shale revolution, would radically change the