Word: overnighting
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Dates: during 2000-2009
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Central banks are supposed to "lean against the wind." Monetary policymakers increase overnight interest rates when strong growth is threatening to push up inflation, and they reduce rates when economies begin to slide into recession and deflation. But what to do when the wind is a cyclone? That is the question confronting the U.S. Federal Reserve, the European Central Bank and their counterparts as the financial storm spawned by U.S. subprime mortgages continues to wreak havoc across credit markets. The resulting higher borrowing rates and tighter credit standards threaten to pull the U.S. economy into recession...
...variables: whether inflation is above or 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...
...Federal Reserve Chairman Ben Bernanke appears intent on avoiding such mistakes. He pledged during recent congressional testimony to "act in a timely manner as needed to support growth and provide adequate insurance against downside risks." And Fed actions speak louder than words: the 1.25 percentage point reduction in the overnight policy rate at the end of January was the most rapid cut by the U.S. central bank in recent history...
...Ultimately, we're hoping the next president—whoever that might be—will adopt restoring funding for NIH to a reasonable predictable growth path as a priority," Casey said. "We look for progress to be made, but we don't look for it to be accomplished overnight...
...whoever that might be—will adopt restoring funding for NIH to a reasonable predictable growth path as a priority,” Casey said. “We look for progress to be made, but we don’t look for it to be accomplished overnight.”Faust shied from making predictions yesterday, but indicated she would continue to follow the issue closely and, if warranted, participate in a similar event next year.THE LOST GENERATIONAccording to information from the NIH Web site, the average age of a researcher receiving his first R01 grant?...