Word: banking
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...Jorgenson, Dale W., Mun S. Ho, and Kevin J. Stiroh (2007). "A Retrospective Look at the U.S. Productivity Growth Resurgence," Staff Report 277. New York: Federal Reserve Bank of New York, February...
...more ways than one. Unlike a bank, the University cannot simply withdraw money from the endowment to pay for initiatives not in line with donor’s wishes. And Harvard’s benefactors have earmarked little wealth to pay for certain things, like information technology, where there are significant and growing expenses...
...pressures and price increases by large, market-dominating firms; however, the abilities of unions and firms to push through inflationary wage and price increases were symptoms of the problem, not the underlying cause. Several years passed before the Federal Reserve gained a new leadership that better understood the central bank's role in the inflation process and that sustained anti-inflationary monetary policies would actually work. Beginning in 1979, such policies were implemented successfully--although not without significant cost in terms of lost output and employment--under Fed Chairman Paul Volcker. For the Federal Reserve, two crucial lessons from this...
...Another reason is the performance of monetary policy. The Federal Reserve and other central banks have learned the lessons of the 1970s. Because monetary policy works with a lag, the short-term inflationary effects of a sharp increase in oil prices can generally not be fully offset. However, since Paul Volcker's time, the Federal Reserve has been firmly committed to maintaining a low and stable rate of inflation over the longer term. And we recognize that keeping longer-term inflation expectations well anchored is essential to achieving the goal of low and stable inflation. Maintaining confidence...
...standards, real consumption per capita, is nearly 35 percent higher today than in 1995. In addition, the flood of innovation that helped spur the productivity resurgence has created many new job opportunities, and more than a few fortunes. But changing technology has also reduced job opportunities for some others--bank tellers and assembly-line workers, for example. And that is the crux of a whole new set of challenges...