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3. Interest rate stability is a common goal of central banks. When has the Federal Reserve been relatively successful at keeping interest rates

3. Interest rate stability is a common goal of central banks. When has the Federal Reserve

been relatively successful at keeping interest rates stable? Compare quarterly

changes since 1965 of the federal funds rate (FRED code: FEDFUNDS) with the

level of infl ation based on the percentage change from year-ago levels of the consumer

price index (FRED code: CPIAUCSL). Are stable interest rates associated

with high or low infl ation? Why? (LO1)

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