Following are a set of graphics showing key trends and relationships in World currencies versus the U.S. Dollar. These selected currency relationships are among those most likely to impact U.S. agricultural imports and therefore U.S. grain prices.
The recorded radio program was aired at 10:03 a.m., Friday, December 21st on KFRM Radio (here) – web player available. The recording can also be listened to via a link from the following website in the “Radio Interviews” section: http://www.agmanager.info/news/default.asp
George Kahn, Vice President and Economist at the Kansas City Federal Reserve Bank (http://www.kansascityfed.org/) released an applied research article in October 2012 titled “Estimated Rules for Monetary Policy” which can be found here.
The author indicates the following about this critical topic:
“This article estimates policy rules over periods of favorable economic performance to derive benchmark rules that might be useful guides for future monetary policy.”
“Section I describes two simple, nonestimated rules that have been proposed as guides for policy and examines how closely they describe the actual setting of policy over various periods.”
“Section II identifies time periods over which macroeconomic performance has generally been favorable and estimates policy rules that describe how monetary policy responded to key indicators over these periods.”
“Section III evaluates past and current policy relative to the estimated rule and gives a number of reasons why policymakers should remain cautious about blindly following any estimated rule.”
“The article concludes that a rule that puts somewhat greater weight on inflation than output in determining a setting for the federal funds rate has worked well in the past and could be a useful guide in the future. However, some of the unique features of the current economic situation—including a binding zero lower bound on interest rates and a desire to manage downside risk to the outlook for economic activity—may suggest a need for flexibility in following the prescription of any rule based on past performance.”