As Ellingsen and Söderström (2001) discuss, long-run nominal rates reflect expected policy rates, term premia and inflation expectations.
Fears of an expected policy tapering have already set off an emerging-market sell-off, contributing to the rupee's fall to a record low.
In the face of this grim picture, you might have expected policy makers to realize that they haven't yet done enough to promote recovery.
If you wanted to deviate from expected policy and he said no, he never felt an obligation to give you a reason".
As expected, policy makers decided to keep the Fed's benchmark interest rate on overnight loans in a range between zero and 0.25percentt.
Paul D. Ballew, a former senior economist with the Federal Reserve, said he expected policy makers to have discussions on several fronts, including the pace of the recovery and the direction of fiscal policy pertaining to taxes and spending levels.
The Fed has a dual mandate, and, according to its forecasts, it cannot meet both of the mandates in the near to medium terms under the expected policy path.
I naively expected policy from Cameron and the coalition that began with a true understanding of disability that can only come from living with it, either yourself, or through a close family member, day in, day out.
