Board of Governors of the Federal Reserve System

3A5 First Merchants Corporation, Muncie, Indiana, to acquire 100 percent...T. Rogers, Appleton, Wisconsin, to retain control of 21.3 percent of the

2.1 4.3 -8.5 8.9 5.9 5.5 3.8 19.2 9.6 2.1 9 Pension funds; Treasury securities...i.e., unfunded pension entitlements). Includes both marketable and nonmarketable

5.1 2.5 -5.2 0.2 -1.2 -0.1 3.6 0.8 -3.2 -11.8 -1.6 14 Pension funds; corporate...i.e., unfunded pension entitlements). Includes both marketable and nonmarketable

i.e., those whose required reserves exceed their vault cash) plus the ...i.e., those whose vault cash exceeds their required reserves) to satisfy

i.e., those whose required reserves exceed their vault cash) plus the ...i.e., those whose vault cash exceeds their required reserves) to satisfy

456.2 493.7 546.7 489.2 529.3 489.8 476.5 489.2 505.4 24 NOTES Includes...i.e., unfunded pension entitlements). Includes products sold by life insurance

r_t^{LR} + \pi_t + 0.5(\pi_t - \pi^*) + 0.5(y_t - y_t^P), $$$$ where $....3 Taylor set the value of $$ r_t^{LR} $$ at a constant level of 2 percent

5.0 2.0 2.0 2.6 – 3.3 2.8 – 3.0 0.9 – 2.1 0.9 – 3.4 0.9 – 3.9 2.5 – 3.8...0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 2017 2018 2019 Longer run Note

transactions3: $$$$ \Delta Welfare \approx - \sum_{t=0}^{T} R^{-t} Debt...t+3}=W_{c,t}^{survivors}+IFT_{c,(t,t+3)}+G_{c,(t,t+3)}+S_{c,(t,t+3)}$$

3A5 First Merchants Corporation, Muncie, Indiana, to acquire 100 percent...T. Rogers, Appleton, Wisconsin, to retain control of 21.3 percent of the