Board of Governors of the Federal Reserve System

compared with the quarter century that preceded it. I will then try to...compared with the previous two decades: Inflation is substantially lower

and, given how well behaved inflation remained, we believed we could afford...and, so far at least, that patience appears to have been justified. During

prices rose substantially in April. Energy prices increased sharply, food...prices. Finished energy prices were up sharply, but prices of finished

key manufacturing sectors continued to feel the adverse impacts of turmoil...and, like residential construction, displayed no signs of slowing in December

price went below $1--sparking fears that no investments were safe as the...best borrowers. So while lowering interest rates helped, we knew we had

key sources of funding for financial firms, nonfinancial firms, and households...key financial markets, which are shown by the green area; and (4) large-scale

And, although energy prices have been volatile, indicators of the underlying...for example, by acting as a restraint on consumer spending. Thus far,

key preconditions of which include a sustainable economic recovery, financial...And, even though deposits are now plentiful, some banks have funding concerns

price theory audience and centered around an industry-equilibrium model...Price Theory Summer Camp. We also appreciate comments from Jim Heckman

And, at the risk of setting a bleak tone for the remainder of the evening...the1991 passage of the FDIC Improvement Act but, until 2001, had never