Shadow Open Market Committee

Monetary Policy Indicators
May 3, 2004
  1. Shadow Open Market Committee
    Monetary Policy Indicators
  2. CPI Inflation Measures
    (3 month moving average)
  3. CPI Inflation Measures
    (12 month moving average)
  4. PCE Inflation Rates
    (3 and 12 month moving average)
  5. Inflation Measures
    Annualized Rates of Growth (through 3/04)
  6. Federal Reserve's Central Tendency Forecasts
  7. Federal Funds Rate
  8. Monetary Growth Measures
    (3 month moving average)
  9. Monetary Growth Measures
    (12 month moving average)
  10. Monetary Growth Measures
    Annualized Rates of Growth (through 3/04)
  11. Monetary Policy Indicators
    The Taylor Rule
  12. Key Assumptions for
    Taylor Rule Calculations
  13. Taylor Rules for the Funds Rate
  14. Potential and Actual GDP
  15. Federal Funds Targets for 2004Q2
    Taylor Rule Calculations
  16. Monetary Policy Indicators
    The McCallum RuleMonetary
  17. Key Assumptions for
    McCallum Rule Calculations
  18. McCallum Rules
  19. Base Velocity Growth
    (Quarterly and 4-year moving average)
  20. Nominal GDP Growth
    (Quarterly and 4 quarter moving average)
  21. Monetary Base Growth Targets
    McCallum Rule Calculations
  22. Definition of Monetary Variables
  23. Definition of Price Indexes
  24. Other Variables Used