Aggregate Disturbances Monetary Policy and the Macroeconomy The FRBUS Perspective David Reifschneider Robert Tetlow and John Wil liams of the Boards Division of Research and Statis tics prepared this

The US economy is continually buffeted by dis turbances originating both within and outside our borders To assess the in711uence of such events on employment in711ation and other measures of macro economic performance economists often use models of

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