Board of Governors of the Federal Reserve System

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and, in fact, business sentiment has moved down in the past year. However...prices excluding food and energy accelerated through last summer--the

and thus aggregate growth and welfare. In our quantitative exercises, ...key mechanism is that trade openness affects the economies' dynamics by

and, for the most part, our customers pulled through that crisis in the...key customer segment for community banks. Finally, I will offer some thoughts

compares real import growth in the years prior to the recent global financial...the green line) to the actual growth of imports (the blue line) and those

Prices Prices increased in all Districts at a pace that was modest to ...prices of key inputs rose further, including fuel, construction materials

and, statistically speaking, indistinguishable from zero in most cases...Price Quote System, Haver Analytics, IMF, and Author's calculations. Key

and/or significant credit costs in coming quarters. Indeed, despite higher...prices are still declining sharply in many localities and losses related

prices by about ¼ percent. As noted in the “Key Background Factors” discussion...and, as a result, the output gap flattens out at a slightly lower level—and

The New Basel Capital Accord" (Proposed New Accord). The Proposed New ...key concepts associated with the proposed framework. The figure shows