We are undertaking discussions with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, with which we have traditionally issued joint rulemakings on the CRA. The Federal Reserve has long been interested in engaging in an interagency review of the CRA regulations, so we are pleased to participate in this process.
[8] Due to their ability to capture the inertial behaviour of inflation and the persistence in aggregate variables, BVAR models provide a useful benchmark to evaluate structural and semi-structural models both in terms of their forecasting performance and for what concerns the monetary policy transmission mechanism.