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Monetary policy report to the Congress, July 18, 2001

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  • anonymous

Abstract

The weakness in the economy that emerged late last year has become more persistent and widespread. In response, the FOMC has lowered the target federal funds rate six times this year, for a cumulative total reduction of 2-3/4 percentage points. A number of factors account for this unusually steep reduction in the federal funds rate, including the magnitude and rapidity of the slowdown and the need to offset a stronger dollar and lower equity prices. At midyear the information available for the recent performance of both the U.S. economy and some of our key trading partners remains somewhat downbeat, on balance. Nonetheless, a number of factors are in place that should set the stage for stronger growth later this year and in 2002. Moreover, the outlook for productivity growth over the longer run remains favorable.

Suggested Citation

  • anonymous, 2001. "Monetary policy report to the Congress, July 18, 2001," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Aug, pages 501-527.
  • Handle: RePEc:fip:fedgrb:y:2001:i:aug:p:501-527:n:v.87no.8
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2001/0801lead.pdf
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    Cited by:

    1. Aoki, Kosuke & Proudman, James & Vlieghe, Gertjan, 2004. "House prices, consumption, and monetary policy: a financial accelerator approach," Journal of Financial Intermediation, Elsevier, vol. 13(4), pages 414-435, October.
    2. Jesús Clemente & María Dolores Gadea & Antonio Montañés & Marcelo Reyes, 2017. "Structural Breaks, Inflation and Interest Rates: Evidence from the G7 Countries," Econometrics, MDPI, vol. 5(1), pages 1-17, February.
    3. Dawid J. van Lill, 2017. "Changes in the Liquidity Effect Over Time: Evidence from Four Monetary Policy Regimes," Working Papers 704, Economic Research Southern Africa.
    4. Mukesh Khanal, 2011. "Monetary Neutrality in the Nepalese Economy during 1975-2008," Working Papers id:4647, eSocialSciences.
    5. Musa ATGÜR & N. Oğuzhan ALTAY, 2017. "Examination of the exchange rate and interest rate channels of the monetary transmission mechanism during the inflation targeting: Turkey and Mexico countries examples," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(613), W), pages 137-160, Winter.
    6. Jiménez Polanco, Miguel Alejandro & Lopez Hawa, Nabil, 2014. "Heterogeneidad y Racionalidad en las Expectativas de Inflación: Evidencia desagregada para República Dominicana [Heterogeneity and Rationality of Inflation Expectations: Disaggregated Evidence for ," MPRA Paper 75912, University Library of Munich, Germany.

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