[Slide 23: Exchange rate: The fall in EUR/USD since mid-2014 reflects policy divergence] The Eurosystem’s asset purchase programme, as well as divergence in monetary policy stance, have weakened the exchange rate of euro. Firstly, the increased supply of euros relative to other currencies lowers the exchange rate.
Segmenting the inventory of long-term vacancies Analysis by Federal Reserve Board staff has calculated the fraction of housing units in each census tract that has been vacant for at least two years – which I will refer to as “long-term” vacancy – and categorized tracts that appear in the top 10 percent of this distribution into three types.11 The first category of high long-term vacancy census tract is an area where a large percentage of housing units were built post-2000, and that therefore can be thought of as “housing boom” tracts.