Board of Governors of the Federal Reserve System

gaps in the text or by gray boxes around non-text content. All redacted...gap estimates. The Tealbook baseline projections for the output gap and

wealth also grew through the net accumulation of capital. That the wealth...gap between the two aggregate estimates is sometimes larger. In contrast

K.7 Disaster Risk and Asset Returns: An International Perspective Lewis, Karen K., Edith X. Liu International Finance Discussion Papers Board

gaps are useful components of empirical models of inflation and, if so...gaps might counter-balance the effect of expectations on inflation. This

wealth. Unrealized capital gains were a particularly impor- tant factor

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Getting

gap concept that is now relevant for thinking about U.S. inflation is ...gaps (as can be seen in slide 6 in the handout). The foreign output gap

wealth (home equity) • Returns to education, on average, are still high...wealth/credit to finance college • Is financing higher education through

33 LIBERTY STREET, NEW YORK, NY 10045-0001 April 12, 2021 Mark J. Menting Sullivan & Cromwell LLP 125 Broad Street New York, NY 10004 Dear Mr.

output-gap version of the Phillips curve. The model’s utility-based welfare...gap enter our loss function with the same coefficients as in the standard