Board of Governors of the Federal Reserve System

and/or merchants' expectations in most districts. Strength in tourism ...and/or loan quality was reported to be good in the Cleveland, Atlanta,

best- preserved paper copies, scanning those copies,1 and then making ...compared with 12 months ago* Expected in 12 months* Expected business

prices, and40 news about monetary policy.2 The primitives we choose, namely...and, as a result, the price impact of GDP final announcements relative

returns—and that these premiums are separate from the premiums associated...3For example, see Tuckman and Serrat (2011), Bartolini, Hilton, Sundaresan

best- preserved paper copies, scanning those copies,1 and then making ...Prices and wages.................................................. 17

key points. Before I do that, I should say that none of us on the subcommittee...for example, seven for Class II documents at Reserve Banks other than

best be only part of the explanation for cross-country factor differences...and, where it is understood, country and time subscripts are omitted.

best- preserved paper copies, scanning those copies,1 and then making ...prices and a slightly lower level of resource utilization. Key Background

prices of consumer goods excluding food and energy. The consumer price...key impetus to sustained economic expansion. The rate of inflation was

and, after accounting for all proposed divestitures, less than 30 percent