Board of Governors of the Federal Reserve System

the industry could not have survived without it. The only real change ...key assumptions. Had they conducted stress tests, some lenders might have

and so on), it may be prudent to adopt a more aggressive easing stance...slow—for example, Reinhart and Rogoff (2009) and IMF (2009). Page 3 of

key, of course, is to anticipate such slowdowns and to maintain sound ...compared with a rise of 37 percent for the industry overall. As a result

Key social and developmental priorities had to be scaled back as governments...compared with what one might expect from economies of their size, and

prices with consumption, and, by doing so, it increases asset prices on...compared to preventive policies alone. JEL Classification: E32, E44, G18

best in your future. Thank you very much. [Applause] VICE CHAIR WILLIAMS...best of the Fed, in terms of analytical firepower, in terms of commitment

For purposes of this section-- MINORITY FINANCIAL INSTITUTION.--The term...CD) section of C&CA. The CD function within the System--consisting of

the “Merger”). Immediately following the Merger and as part of a single...the “Second-Step Merger” and, together with the Merger, the “Mergers”)

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

price inflation had picked up somewhat. Consumer prices, as measured by...compared with the previous twelve-month period, PCE price inflation had