Monetary policy  2  For example, John suggested in February 2008 to lower the standard Taylor Rule prescription by 50 basis points to take into account the increase in the LIBOR-OIS spread at that time. See Monetary Policy and the State of the Economy, Testimony before the Committee on Financial Services, U.S. House of Representatives, February 26, 2008. 3  See James D. Hamilton, Ethan S. Harris, Jan Hatzius, and Kenneth D. West (2015), The Equilibrium Real Funds Rate: Past, Present and Future, working paper for U.S. Monetary Policy Forum, August. 4  See Thomas Laubach and John C. Williams “Measuring the Natural Rate of Interest”, Review of Economics and Statistics, November 2003, Vol 85, No. 4, pp 1063–1070. Updated estimates available from the Federal Reserve Bank of San Francisco. 2  BIS central bankers’ speeches  affects economic activity through its impact on financial conditions – including the level of equity prices, bond yields, the foreign exchange value of the dollar and credit conditions. If the relationship between the federal funds rate and other indicators of financial conditions were stable, then one could just focus on the level of short-term rates. 5 But, because financial conditions vary considerably relative to short-term rates, as we have seen in the financial crisis and its aftermath, one needs to consider developments in financial conditions more broadly in setting monetary policy.
Our cooperative journey to the SDDS Plus began in 2013, when, after the achieved national consensus on the usefulness of the accession to this standard, we officially informed the IMF of the efforts that we will make in the medium-term period to meet the membership criteria. Then, in the next years, we worked on the production, promotion and publication of the required data.