Nominal retail sales rose seven-tenths of 1 percent in September on the heels of a nine-tenths increase in August, an indication that consumers kept up their pace of spending. Robust business investment in equipment and intangibles continued in the second quarter, and indicators suggest another gain in the third quarter.
“Market Tantrums and Monetary Policy,” paper presented at the 2014 U.S. Monetary Policy Forum, a conference sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, held in New York, February 28. Gertler, Mark, and Peter Karadi (2013). “Monetary Policy Surprises, Credit Costs, and Economic Activity (PDF),” working paper, October. Gilchrist, Simon, David Lopez-Salido, and Egon Zakrajsek (2014).