2009 Memos
January 9

An Update on the Foreign Experience with Explicit Numerical Price Objectives (PDF)

March 9

Cover Memo: Economic Effects of Large-Scale Asset Purchases (PDF)
  - Economic Effects of Large-Scale Purchases of Long-term Treasury Securities and Agency Debt and MBS (PDF)

March 11

Cover Memo: Large-Scale Asset Purchases (PDF)
  - Expanding Large-Scale Asset Purchases: Effectiveness, Benefits, Risks, and Strategies (PDF)

April 21

Cover Memo: Background Information on Issues Related to Large-Scale Asset Purchases, Inflation Expectations, and Uncertainty about the Economic Outlook (PDF)
  - Optimal Paths for Large-scale Asset Purchases (PDF)
  - Large-Scale Asset Purchases and Inflation Expectations in the FRB/US Model (PDF)
  - Changes in Macroeconomic Uncertainty (PDF)

April 23

Cover Memo: The Effects on Interest Rates of Federal Reserve Asset Purchases (PDF)
  - A Preliminary Assessment of the Effects of the Federal Reserve's Large-Scale Asset Purchases on Interest Rates (PDF)

June 16

Cover Memo: Attached Memos Regarding Experience with Large-Scale Asset Purchases (PDF)
  - Large-Scale Asset Purchases: Recent Experience and Some Policy Considerations (PDF)
  - The Recent Use of Large-Scale Asset Purchases by Foreign Central Banks (PDF)

December 1

Cover Memo: Background Papers for December Special Topic Discussion (PDF)
  - Gaps and Monetary Policy (PDF)
  - The Global Slack Hypothesis (PDF)
  - The Role of Expectations and Output in the Inflation Process: An Empirical Assessment (PDF)
  - The Relationship between Inflation and Inflation Expectations (PDF)
  - Survey Evidence on the Perceived Relationship between Inflation and Government Debt among Consumers and Financial Experts (PDF)

December 8

Cover Memo: Presentations for December Special Topic Discussion (PDF)
  - Inflation Persistence, Output Gaps and Monetary Policy (PDF)
  - The Global Slack Hypothesis (PDF)
  - The Role of Expectations and Output in the Inflation Process (PDF)

December 9

Cover Memo: Reinvestment Policy for Maturing SOMA Holdings (PDF)
  - Reinvestment Policy for Maturing SOMA Holdings (PDF)

December 10

Cover Memo: Additional Background Paper on Inflation Dynamics (PDF)
  - Output Gaps and Inflation in DSGE Models (PDF)

Back to Top
Last Update: May 28, 2020