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Monetary policy report to the Congress

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  • anonymous

Abstract

The economic expansion in the United States gathered strength during 2003 while price inflation remained quite low. At the beginning of the year, uncertainties about the economic outlook and about the prospects of war in Iraq apparently weighed on spending decisions and extended the period of subpar economic performance that had begun more than two years earlier. Over the second half of the year, in the absence of new shocks to economic activity and with gathering confidence in the durability of the economic expansion, the stimulus from monetary and fiscal policies showed through more readily in an improvement in domestic demand. Spurred by the global recovery in the high-tech sector and by a pickup in economic activity abroad, U.S. exports also posted solid increases in the second half of the year. ; Still, slack in resource utilization remained substantial, unit labor costs continued to decline as productivity surged, and core inflation moved lower. The performance of the economy last year further bolstered the case that the faster rate of increase in productivity, which began to emerge in the late 1990s, would persist. The combination of that favorable productivity trend and stimulative macroeconomic policies is likely to sustain robust economic expansion and low inflation in 2004.

Suggested Citation

  • anonymous, 2004. "Monetary policy report to the Congress," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Spr, pages 125-152.
  • Handle: RePEc:fip:fedgrb:y:2004:i:spr:p:125-152:n:v.90no.2
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2004/spring04_mpr.pdf
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    References listed on IDEAS

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    1. Carlos A. Végh Gramont, 1991. "Stopping High Inflation; An Analytical Overview," IMF Working Papers 91/107, International Monetary Fund.
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    Cited by:

    1. Milani, Fabio, 2007. "Expectations, learning and macroeconomic persistence," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 2065-2082, October.
    2. repec:ags:unassr:235073 is not listed on IDEAS
    3. Abreu, Denise A. & Riberas, Zulma T., 2008. "General Overview of the NASS Objective Yield and Objective Measurement Programs," NASS Research Reports 235073, United States Department of Agriculture, National Agricultural Statistics Service.
    4. Branch, William A., 2007. "Sticky information and model uncertainty in survey data on inflation expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 31(1), pages 245-276, January.
    5. Waters, George A., 2012. "Careful price level targeting," Research Discussion Papers 30/2012, Bank of Finland.
    6. Elías Albagli I., 2004. "¿Cuánto se Alejan de su Objetivo los Países que Siguen Metas de Inflación?," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 7(2), pages 63-70, August.
    7. repec:eee:rensus:v:76:y:2017:i:c:p:1080-1107 is not listed on IDEAS

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