2010 Memos
January 15

Request for January Projections (PDF)

January 21

Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks (PDF)

March 1

Large-Scale Asset Purchases by the Federal Reserve: Did They Work? (PDF)

April 16

Request for April Projections (PDF)

April 22

Quantitative Analysis of the Macroeconomic Effects of Alternative Strategies for Managing the Federal Reserve's Securities Holdings (PDF)

May 3

A new state-space model of potential output and the business cycle (PDF)

June 11

Cover Memo: Recent fiscal developments in Europe and the United States (PDF)
  - The Fiscal Situation in the Advanced Foreign Economies (PDF)
  - The Long-Term Outlook for U.S. Fiscal Policy (PDF)
  - Macroeconomic Consequences of a European Sovereign Debt Crisis (PDF)

June 11

Request for June Projections (PDF)

August 5

Cover Memo: Foreign Experience with Monetary Policy Options (PDF)
  - The ECB's Use of Term Refinancing Operations (PDF)
  - The Swiss National Bank's Three-month Libor Target (PDF)

August 5

Cover Memo: Options for Further Monetary Policy Stimulus (PDF)
  - Reducing the IOER Rate: An Analysis of Options (PDF)
  - Potential Enhancements to FOMC Communication (PDF)
  - The Effects of MBS Paydowns and Potential Reinvestment Options (PDF)

September 14

Recent Stories in the Press (PDF)

September 14

A proposal for a State-Contingent Price-Level Objective (PDF)

September 30

Arrangements for a Videoconference on October 15, 2010 (PDF)

October 6

Cover Memo: Initial Background Material for October 15 Meeting (PDF)
  - Large-Scale Asset Purchases by the Federal Reserve: Did They Work? (PDF) (3/1/2010)
  - Economic Effects of Large-Scale Purchases of Long-term Treasury Securities and Agency Debt and MBS (PDF) (3/9/2009)
  - The Price Objective for Monetary Policy: An Outline of the Issues (PDF) (6/21/1996)
  - Issues Pertaining to the Specification of a Numerical Price-Related Objective for Monetary Policy (PDF) (3/12/2007)
  - Optimal Paths for Large-scale Asset Purchases (PDF) (4/20/2009)
  - Large-Scale Asset Purchases and Inflation Expectations in the FRB/US Model (PDF) (4/20/2009)
  - A Preliminary Assessment of the Effects of the Federal Reserve's Large-Scale Asset Purchases on Interest Rates (PDF) (4/23/2009)
  - The Recent Use of Large-Scale Asset Purchases by Foreign Central Banks (PDF) (6/15/2009)
  - Large-Scale Asset Purchases: Recent Experience and Some Policy Considerations (PDF) (6/16/2009)
  - Quantitative Analysis of the Macroeconomic Effects of Alternative Strategies for Managing the Federal Reserve's Securities Holdings (PDF) (4/22/2010)
  - Discussion at the Upcoming FOMC Meeting (PDF) (10/13/2006)
  - Foreign Experience with the Formulation and Discussion of Inflation Objectives (PDF) (3/8/2007)
  - An Update on the Foreign Experience with Explicit Numerical Price Objectives (PDF) (1/9/2009)
  - Targeting the Yield Curve: The Experience of the Federal Reserve, 1942-51 (PDF) (6/18/2003)
  - The Scope of Monetary Policy Actions Authorized Under the Federal Reserve Act (PDF) (4/1/2005)
  - Notes on Issues Related to the Zero Lower Bound on Nominal Interest Rates (PDF) (12/12/2008)
  - Alternative Instruments for Open Market and Discount Window Operations (PDF) (12/1/2002)

October 13

Cover Memo: Two Background Memos from Reserve Banks (PDF)
  - The Case for Targeting the Level of Nominal Spending (PDF)
  - A Background Memo on Inflation Rates in the Context of Price Level and Inflation Targeting Regimes (PDF)
  - Historically-Determined Inflation in the Context of Price Level and Inflation Targeting Regimes (PDF)

October 13

Cover Memo: Background for October 15 Meeting (PDF)
  - Questions for the FOMC Videoconference on October 15 (PDF)
  - Issues Related to Specifying a Policy Framework in the Current Environment (PDF)
  - Strategies for Targeting Interest Rates Out the Yield Curve (PDF)

October 15

President Plosser's Comments Regarding October 15, 2010 Videoconference (PDF)

October 22

Request for November Projections (PDF)

October 28

Financial Stability Background Memos (PDF)
  - Asset Valuation Assessment (PDF)
  - Indicators of Trends in Dealer-Intermediated Financing and Leverage (PDF)

November 10

What drives movements in the unemployment rate? A decomposition of the Beveridge curve (PDF) | HTML

December 1

Internal Migration in the US: Updated Facts and Recent Trends (PDF)

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Last Update: May 28, 2020