Board of Governors of the Federal Reserve System

The views in this paper are solely the responsibility of the authors and...compare AI classifications against human coding of a random sample of

The U.S. dollar appears today to be the world’s 2 The BIS publishes two...the waves remain even after controlling for exchange rate valuation. Second

and/or reduced market access. • Reduced market liquidity during times ...best way of enacting the material calibration changes needed would be

and, at this point, fund nearly 25 percent of community bank assets. For...CD balances may have been transferred to money market or savings accounts

prices for used cars and in prices for key manufacturing components, like...key factor for non-housing services prices, and growth in labor costs

errors—and, to a weaker extent, market-based forecast errors—are systematically...compare the forecast performance of SEP projections with alternative forecasts

the Agencies) are expanding previously issued examination guidance for...and/or portfolio segment. The term “program” refers to the process of

and/or Acquire an Additional Bank or Bank Holding Company — FR Y-3 Fifth...and/or Acquire an Additional Bank or Bank Holding Company — FR Y-3 Fifth

the rule),3 which implements sections 23A and 23B of the FRA. The rule...for example, a bank holding company parent or other nonbank subsidiary

The authors thank Eleni Aristodemou, Zhiyuan Chen, Jan De Loecker, Erwin...prices. Intuitively, the variation in product prices within a firm identifies