Board of Governors of the Federal Reserve System

prices. As noted earlier, the updated IP indexes incorporated new data...Compared with earlier estimates, capacity utilization for total industry

and have a risk management infrastructure--that is commensurate with the...and the diversity of foreign bank operations in the United States. The

prices. As noted earlier, the updated IP indexes incorporated new data...Compared with earlier estimates, capacity utilization for total industry

Key words: imperfect information, zero lower bound, discretionary policy...and real) interest rates. This tightening bias affects prices and quantities

price of liquidity (right) 7/15/1990 274.94 3.10 8/15/1990 290.58 3.32

key points: that inflation is now much more stable than it used to be,...for, as illustrated here, inflation was already moving up before the food

best- preserved paper copies, scanning those copies,1 and then making ...key requirements for accomplishing these aims, as stated in the Budget

the “EDO” model), New York, Philadelphia (the “PRISM” model), and Chicago...price fluctuations. The model does not view the federal funds rate at

price of the underlying equity instrument, minus the adjusted carrying

The evidence is becom- ing clear that monetary officials have become disenchanted...and, therefore, per- mitted credit to tighten of its own ac- cord. Now