Board of Governors of the Federal Reserve System

best- preserved paper copies, scanning those copies,1 and then making ...CD rate................................... 18 INTERNATIONAL DEVELOPMENTS

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D C 20551 ROBERT C. HOLLAND March 12, 1976 MEMBER OF THE BOARD To: Federal Open

prices remain weak, higher production levels and lower prices for petroleum-based...and, in two or three Districts, lower relative to sales than in past years

AND CONSUMERS) HAVE A GLUM VIEW OF THE ECONOMY 5. THIS TRANSLATES INTO...KEY • AS PESSIMISTIC AS IN 1980 (UofM) • LOWEST SATISFACTION WITH ECONOMIC

Pricing Model (CAPM), investors hold a world market portfolio that assigns...compared to most end-investors, cost and resource constraints are not

best able to absorb the additional amount or, at the discretion of the

best- preserved paper copies, scanning those copies,1 and then making ...large—and likely weather-induced— decline in the construction workweek

and, thus, its output. The precise effects of this externality, however...best “on average.” In contrast, given a bound on uncertainty, robust control

price side, retail prices were described as flat or "competitive", while...over-the-year retail sales growth is not expected to be as rapid as last

best- preserved paper copies, scanning those copies,1 and then making ...and, according to the preliminary report of the Michigan survey, expectations