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When the spectacular devaluation of the peso occurred at the end of 1994, 91-day swap lines of credit of $3 billion each-dollars for pesos-were available to the Bank of Mexico at the Federal Reserve and the Treasury's Exchange Stabilization Fund (ESF). These were known as regular swap lines. The...
Persistent link: https://www.econbiz.de/10009482993
The expansion is now in its sixth year, but it remains "young" in character, reflecting the sound structure of the economy. Presently, economic performance is well balanced, with the type of characteristics that may potentially disrupt sustained growth largely absent. In particular, there are no...
Persistent link: https://www.econbiz.de/10009482994
stimulate now and prevent inflation later. Efforts to get Germany, Japan and others to replace stable, noninflationary policies …
Persistent link: https://www.econbiz.de/10009482995
The reflexes of politicians to problems, in particular those created by their past policies, are well conditioned. This pattern holds in particular for international financial problems. Major swings in the dollar in foreign exchange markets seem reliably associated with rising demands for...
Persistent link: https://www.econbiz.de/10009482996
In recent years, federal spending and deficits have declined significantly as a percent of GNP, the earlier sharp rise in the federal debt-to-GNP ratio has been halted, and the huge primary deficit (budget deficit excluding net interest outlays) has been eliminated. More progress on reducing the...
Persistent link: https://www.econbiz.de/10009482997
Once again, the Federal Reserve is under attack from lawmakers who propose measures designed to increase the accountability of monetary policymakers while preserving the independence of the institution. Legislation that is currently the subject of debate on Capitol Hill would either remove the...
Persistent link: https://www.econbiz.de/10009482998
The stated purposes of President Clinton's fiscal policy proposal are to provide short-run fiscal stimulus to "guarantee" the durability of the economic recovery, and cut the deficit while increasing outlays and subsidies for public and private investment and income maintenance. Although well...
Persistent link: https://www.econbiz.de/10009482999
Quarterly reports on Treasury and Federal Reserve foreign exchange operations ending three months earlier than the date of publication in the Federal Reserve Bulletin are available through October 1992 (issues of April, July, October 1992, and January 1993). These reports provide information on...
Persistent link: https://www.econbiz.de/10009483000
The cyclical aspects of recent economic performance are well-known and disappointing: after falling 1.6 percent from third quarter 1990 through first quarter 1991, real GDP has risen very gradually for three quarters and, aided by the recent monetary easing, the economy is mounting a stronger...
Persistent link: https://www.econbiz.de/10009483001
My bottom line in answering the question that makes up the title of this paper is: 1) Disciplined monetary policy over the last few years has reduced U.S. inflation another notch, leaving two to three percentage points to go to achieve price stability; 2) However, the current situation is...
Persistent link: https://www.econbiz.de/10009483002