Accessible Version

Accessible Version of Figures

Figure 1: The Federal Reserve System

A map shows the boundaries of the twelve Federal Reserve Districts, the location of the Reserve Bank within each District, and the Washington, D.C., location of the Board of Governors.

District Federal Reserve Bank city States within District
1-A Boston Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut (excluding Fairfield County)
2-B New York New York State, twelve counties in northern New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands
3-C Philadelphia Eastern Pennsylvania, southern New Jersey, and all of Delaware
4-D Cleveland Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia
5-E Richmond Maryland, Virginia, North Carolina, South Carolina, and most of West Virginia
6-F Atlanta Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee
7-G Chicago Iowa and most of Illinois, Indiana, Michigan, and Wisconsin
8-H St. Louis Arkansas and portions of Missouri, Mississippi, Tennessee, Kentucky, Indiana, and Illinois
9-I Minneapolis Minnesota, Montana, North Dakota, South Dakota, twenty-six counties in northwestern Wisconsin, and the Upper Peninsula of Michigan
10-J Kansas City Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and Western Missouri
11-K Dallas Texas, northern Louisiana, and southern New Mexico
12-L San Francisco Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, Washington, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands

Source: Board of Governors of the Federal Reserve System (2005), The Federal Reserve System: Purposes and Functions, 9th ed. (Washington: Board of Governors).

Figure 2: Policy Rules and Economic Outcomes - Extracted from April 2011 Tealbook Part B

Panel: Federal Funds Rate. Line chart, by percent, 2011 to 2015. There are four series, April TB baseline, Taylor 1993, Taylor 1999, and First difference. All four series begin at about 0.1 in 2011:Q1. April TB baseline remains constant until 2012:Q2, and then increases to about 3.9 by 2015:Q4. Taylor 1993 remains relatively constant until 2011:Q3, and then increases to about 3.6 by 2015:Q4. Taylor 1999 remains relatively constant until 2012:Q4, and then increases to about 3.7 by 2015:Q4. First difference increases to about 4.05 by 2015:Q4.

Panel: Unemployment Rate. Line chart, by percent, 2011 to 2015. There are four series, April TB baseline, Taylor 1993, Taylor 1999, and First difference. All four series begin at about 8.95 in 2011:Q1. April TB baseline decreases to about 5.6 by 2015:Q4. Taylor 1993 decreases to about 5.5 by 2015:Q4. Taylor 1999 decreases to about 5.4 by 2015:Q4. First difference decreases to about 6.0 by 2015:Q4.

Panel: Core PCE Inflation. Line chart, by percent, 2011 to 2015. There are four series, April TB baseline, Taylor 1993, Taylor 1999, and First difference. All four series begin at about 0.9 in 2011:Q1. April TB baseline increases to about 1.4 by 2011:Q4, decreases to about 1.35 by 2012:Q2, and then increases to about 1.65 by 2015:Q4. Taylor 1993 increases to about 1.45 by 2011:Q4, decreases to about 1.43 by 2012:Q2, and then increases to about 1.75 by 2015:Q4. Taylor 1999 increases to about 1.45 by 2011:Q4, decreases to about 1.43 by 2012:Q2, and then increases to about 1.8 by 2015:Q4. First difference increases to about 1.2 by 2011:Q4, decreases to about 1.15 by 2012:Q2, and then increases to about 1.48 by 2015:Q4.

Note: "April TB baseline" refers to the baseline forecast in the April 2011 Tealbook; "Taylor 1993" refers to the Taylor (1993) policy rule; "Taylor 1999" refers to the Taylor (1999) Policy rule; and "First difference" refers to the first-difference rule. The definition for each rule is given in note 17 of the main text. PCE is personal consumption expenditures.

Source: Board of Governors of the Federal Reserve System (2011), Report to the FOMC on Economic Conditions and Monetary Policy--Book B: Monetary Policy: Strategies and Alternatives [Tealbook B] (Washington: Board of Governors, April), available at https://www.federalreserve.gov/monetarypolicy/fomchistorical2011.htm.

Figure 3: Constrained vs. Unconstrained Monetary Policy - Extracted from August 2011 Tealbook Part B

Panel: Nominal Federal Funds Rate. Line chart, by percent, 2010 to 2015. There are three series, "August 2011 Tealbook: Constrained", "June 2011 Tealbook: Constrained", and "August 2011 Tealbook: Unconstrained". August 2011 Tealbook: Constrained begins at about 0.1 in 2010:Q2 and remains constant until 2014:Q3. It then increases to about 1.8 by 2015:Q4. June 2011 Tealbook: Constrained begins at about 0.1 in 2010:Q2 and remains constant until 2013:Q3. It then increases to about 3.4 by 2015:Q4. August 2011 Tealbook: Unconstrained begins at about 0.13 in 2010:Q2 and remains relatively constant until 2011:Q1. It then decreases to about -2.8 by 2012:Q3, and increases to about 2.9 by 2015:Q4.

Source: Board of Governors of the Federal Reserve System (2011), Report to the FOMC on Economic Conditions and Monetary Policy--Book B: Monetary Policy: Strategies and Alternatives [Tealbook B] (Washington: Board of Governors, August), available at https://www.federalreserve.gov/monetarypolicy/fomchistorical2011.htm.

Figure 4: Changes in U.S. Treasury Yields around the August 9, 2011, FOMC Meeting

Maturity in years Basis points
1 -3.69
2 -8.56
3 -12.99
5 -19.10
7 -21.47
10 -20.51
20 -11.86
30 -10.91

Note: Changes in yields are from a smoothed yield curve estimated from off-the-run Treasury coupon securities. Changes shown are from end of day August 8, 2011, to end of day August 9, 2011. FOMC is Federal Open Market Committee.

Source: Federal Reserve Bank of New York; Federal Reserve Board staff estimates.

Last Update: February 11, 2017