Word: neutrals
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Dates: during 2000-2009
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...below the central bank's target, and whether economic growth is above or below its "full employment" potential. If inflation is at target and the economy is operating at full employment, then the Taylor Rule says that the central bank should set the overnight interest rate at a fixed "neutral" level, which Taylor estimated was 4% for the U.S. with inflation running at a targeted rate...
...Taylor Rule provides less guidance when the neutral interest rate is shifting rapidly due to changes in financial conditions, which is exactly what is happening right now. Banks and other lenders are demanding a higher premium for lending to households and companies. To prevent the cost of borrowing from increasing - to keep interest rates at neutral, in other words - the central bank must cut the policy rate. If the central bank wants then to provide monetary stimulus to an ailing economy, it must reduce the policy rate even further to get below the newly depressed neutral rate...
...central bank does not act quickly enough - and deteriorating financial conditions create a self-perpetuating feedback loop with a collapsing economy - the bank may end up just "chasing the neutral rate down" without reaching the level needed to jump-start demand. Japan's experience in the 1990s provides a cautionary tale: even 0% rates failed to resuscitate the economy...
...addition to collecting particles for analysis in an ion and neutral mass spectrometer, and a cosmic dust analyzer, Cassini will photograph yet unseen parts near the moon's south pole. It will also use infrared technology to create a comprehensive map of surface temperatures at the south pole. Warmer temperatures increase the likelihood that there is water in liquid form on the small moon...
...Alex Biega muffs the puck in the neutral zone, and Patrick Kennedy carries it into the offensive zone, getting it across to Greening on the right side for a shot that Richter saves. The puck then caroms across the crease, but again, no one is there for the rebound. The Crimson simply can't keep this up if it expects to stay in the game...