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These brief essays delve into the economic issues of the day for a generally informed readership.

2010, No. 36 (Posted 2010-12-10)

Monetary Policy and Longer-Term Rates: An Opportunity for Greater Transparency

by Daniel L. Thornton

The FOMC’s two-pronged approach involves a potential conflict: forward guidance assumes a high degree of substitutability across the maturity structure, while quantitative easing assumes a low degree.

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