Board of Governors of the Federal Reserve System

the vital role and growing use of communication in monetary policy.1 Some...low-key press release--or even if there is no announcement--the project

The views in this paper are solely the responsibility of the authors and...2For an early use of the expression “new normal,” see El-Erian (2010).

prices have plunged both in the United States and abroad. Corporate bond...Compared with the previous two monetary policy easing cycles, there have

and, in accordance with Section .2(f)(1)(iii) of the Plan Rules1, is the...the “JFSA”) and the Bank of Japan (the “BOJ”). SuMiTBNY is supervised

best- preserved paper copies, scanning those copies,1 and then making ...prices reached new record levels in May, although most recently they have

price inflation to be 1.1 percent in 2011 and 1 percent in 2012. KEY BACKGROUND...Key Background Factors Underlying the Baseline Staff Projection 2007 2008

up-and-down summer results were attributed, in one case, to the disruption...and, in another, to weaker-than-expected tourist purchases. Tourist-related

key risk mitigation tool that end-users need to protect themselves and...and/or beneficiaries. Meeting of the Board of Governors and the Managed

for the year 1/ Copies of the charts used by Mr. Fisher are appended to...on-the-run/off-the-run spread have backed up a little. I would emphasize

price of debt increases when marginal utility of consumption is higher...price of debt increases when marginal utility of consumption is higher