Board of Governors of the Federal Reserve System

price inflation remained scant. On District farms, a severe drought continued...and, in some areas, farmers were culling cattle as pasture conditions

and in the literature), standard SVAR models and estimates using R&R shocks...resolve–the Fed information effect, which refers to the bias caused by

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best judgment to generate the missing shock so that it is sensible given...Price Defined as Currency1 vs. Currency2 12.1% 9.6% 7.5% 7.5% 8.6% -9.1%

the new norm." International leisure travel has also fallen off, while...for large-scale properties) from peak prices. Financing continues to flow

prices for most consumer goods and services. Wage increases also were ...prices above costs. District housing demand remained solid, although signs

price inflation. In contrast, a rule that stabilizes a more narrow measure...price inflation performs poorly in terms of social welfare. Related Material

key component of such a program should include initiatives that support...The Mission-Driven Bank Fund”, www.fdic.gov/regulations/resources/minority

intertemporally–for example, in the context of implicit labor contracts...key issue with the representative agent framework that motivates this

cycle—and to allow our measures of trends to have the “natural rate” property...prices in the mid-1980s. As described in the paper, we impose adding-up