Board of Governors of the Federal Reserve System

and as you know, arriving at a consensus is quite rare for economists....price distortions provides a key rationale for price stability.4 Second

prices, and moderate long-term interest rates. The Committee seeks to ...price stability over the longer run has declined relative to its historical

for example, in the areas of Bank Secrecy Act compliance and anti-money...The Role of the Board of Directors A successful compliance-risk management

price indexes have increased, risk spreads on corporate bonds have narrowed...and, as noted earlier, continues to deteriorate as lingering weakness

key to a well-functioning regulatory system and an essential aspect of

and/or its affiliates and have been licensed for use by the Board. Copyright...and/or its affiliates. All rights reserved. Redistribution, reproduction

the FBO Supervision Program), was revised to remove references to reputational...the FBO Supervision Program), which was established in March 1995, applies

for example, corporations, consumers, and nonbank financial institutions...stress—and sought comment on the need for discount window operations to

compared with 12 months prior (by year) Percent Year Worse off Better ...Key identifies bars in order from left to right. Return to text Figure

key variables in determining the appropriate fed funds rate: inflation...and, now, on the way down. Work by Albert Saiz finds an elasticity of