Is there a need for additional monetary stimulus? Insights from the original Taylor Rule. CEPS Policy Brief No. 342, April 2016

Central banks in the developed world are being misled into fighting the perceived dangers of a ‘deflationary spiral’ because they are looking at only one indicator: consumer prices. This Policy Brief finds that while consumer prices are flat, broader price indices do not show any sign of impending deflation: the GDP deflator is increasing in the US, Japan and the euro area by about 1.2-1.5%. Nor is the real economy sending any deflationary signals either: unemployment is at record lows in the US and Japan, and is declining in the euro area while GDP growth is at, or above potential. Thus, the overall macroeconomic situation does not give any indication of an imminent deflationary spiral. In today’s high-debt environment, the authors argue that central banks should be looking at the GDP deflator and the growth of nominal GDP, instead of CPI inflation. Nominal GDP growth, as forecasted by the major official institutions, remains robust and is in excess of nominal interest rates. They conclude that if the ECB were to set the interest rate according to the standard rules of thumb for monetary policy, which take into account both the real economy and price developments of broader price indicators, it would start normalising its policy now, instead of pondering over additional measures to fight deflation, which does not exist. In short, economic conditions are slowly normalising; so should monetary policy.

Anna Popovitch,In the Shadow of Althusser: Culture and Politics in Late Twentieth-Century Argentina, Ann Arbor, umi Dissertation Publishing, 2011, 238 páginas

Fil: Starcenbaum, Marcelo. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.

Taylor's Bayou drainage and flood control, Jefferson County : environmental impact statement.

F and Frev available only in microfiche

Ann Arbor viewed from the west (Sunset Hill)

Man wearing top hat standing by a rail fence on hill overlooking Ann Arbor, Michigan (Daybook, image #23)

Ann Barry Allen; Mrs. John Allen

On verso: This was said to be a picture of Ann Isabella Barry McCue Allen. She was born Jan. 22, 1797 daughter of Ihmus Barry (& brother of Andrew) & Ann Isabella Smith of New Kent, Md. The birthplace is given by John McCue at Staunton Va. She died there Nov. 28, 1876 at the home of her daughter Sarah Allen Waddell. Her first husband was Wm McCue M.D. born July 14, 1787 Augusta Co. Va. Died Nov. 7 1818 of flu. Her first husband was a man of prominence & education. She had two children Thomas W. McCue and John McCue

Franklin House, Ann Arbor

Located at the northwest corner of Huron and Main Streets. Publication information: Philadelphia : Bechler, Wenig & Co., 1856

Ann Arbor, Mich. Lower Town and Mills

Original is albumen print

Ann Arbor, Michigan

View from the west. Original is a color print. Publication information: Detroit: R.: Burger & Co., [185?]