Board of Governors of the Federal Reserve System

growth—and by studying the optimal conduct of monetary policy in that ...and a smaller decline in the output gap) compared with the standard model

and, for example, might increase their debt by extracting home equity ...and thus mortgage debt) may have declined more than high-score individuals

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Index Index Mu (Left Axis) Mh (Right Axis) Note: Şahin, Song, Topa, Violante...futures rates. Source: Federal Reserve Bank of New York 0 10 20 30 40

steel—and industrial and electrical machinery rose noticeably. Since the...index and capacity utilization. The revised production indexes will be

index for home electronics also rose, but the indexes for appliances, ...index for chemical products was offset by decreases in the indexes for

index for total consumer nondurables to a 0.2 percent gain for the month...index 142.7 142.2 140.8 139.3 -.1 -.4 -1.0 -1.1 -6.3 Previous estimates

index for consumer durables. Gains also were posted among appliance manufacturers...index and capacity utilization. The revised production indexes will be

index 144.6 144.2 143.0 142.8 –.3 –.3 –.9 –.1 –3.2 Previous estimates ...index for business equipment declined 0.3 percent in July. The production

index of industrial production was 140.5 percent of the 1992 average, ...index and capacity utilization. The revised production indexes will be