Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. CONFIDENTIAL (FR) CLASS III - FOMC August 14, SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System 1987 TABLE OF CONTENTS THE DOMESTIC NONFINANCIAL ECONOMY Page Industrial production......................................... Producer price index.......................................... Retail sales................................................... Manufacturing and trade inventories............................ 1 1 1 2 Tables Industrial production....................................... 4 Revisions to total industrial production..................... Producer prices............................................. 5 6 Retail sales................................................. 7 Changes in manufacturing and trade inventories............... 8 THE FINANCIAL ECONOMY Tables Monetary aggregates......................................... Commercial bank credit and short- and intermediateterm business credit....................................... Selected financial market quotations......................... 9 10 11 INTERNATIONAL DEVELOPMENTS U.S. merchandise trade through June............................ 12 Table U.S. merchandise trade...................................... 14 SUPPLEMENTAL NOTES THE DOMESTIC NONFINANCIAL ECONOMY Industrial Production Industrial production increased 0.8 percent in July after upward revised increases of 0.4 percent in June and 0.7 percent in May. July were widespread among products and materials. Gains in Output of consumer goods was up 0.7 percent, with production increases for light trucks and consumer nondurables more than offsetting declines in auto assemblies and in the production of home goods. Output of business equipment was up 0.9 percent, as strong gains continued for construction and mining, manufacturing, and commercial equipment. healthy advance. Materials production also registered another Overall, the July index of industrial production was nearly 4 percent above a year earlier. Producer Price Index The producer price index for finished goods rose 0.2 percent in July, the same as in June. Food prices declined in July at all stages of process- ing, mainly reflecting lower prices for meats and for fresh fruits and vegetables. However, energy prices surged. Excluding food and energy, the broad patterns of price change were similar to those of most other recent months, with small changes for finished goods, but a more appreciable rise for materials, the prices of which were up 0.5 percent at the intermediate level and nearly 3 percent at the crude level. Steep increases in nonenergy materials prices were evident for metals, cotton, and paper. Retail Sales Retail sales increased 0.8 percent in July, after an upward revised 1.4 percent advance in June. Spending last month was boosted by higher nominal outlays at automotive dealers and at gasoline stations-where prices have risen sharply over the past few months--but there also were increases for most other types of stores. Outlays at the "retail control" group of stores, which excludes automotive dealers, nonconsumer stores, and gasoline stations, increased 0.3 percent in July. In addition, there were widespread revisions to the figures for earlier months, with the new data showing increases of 0.3 percent in May and 0.8 percent in June; the previous estimates had shown essentially no change over the two-month period. Nominal spending now appears to have been well-maintained in recent months at stores specializing in general merchandise, apparel, and "other durables", although real outlays have been damped by higher prices for apparel and some other items. Furniture and appliance sales, although lackluster through late spring, ticked up in July. The revisions to the data suggest the possibility of a noticeable upward adjustment in the figure for real consumer spending when revised NIPA data for the second quarter are released on August 21. Manufacturing and Trade Inventories Retail inventories in current-cost terms rose in June at an annual rate of $34 billion, following a $25 billion accumulation in May. With a 1.4 percent gain in sales, the retailers' inventory-sales ratio in June remained at 1.58. Excluding auto dealers, the ratio edged up from 1.47 to 1.48--near the upper end of the range set over the preceding 12 months. Stock increases were widespread in both durable and nondurable categories. In addition to a $9 billion rise in automotive stocks, there were accumulations in lumber and building materials, apparel, and general -3- merchandise stocks. Retail apparel inventories have risen appreciably over the past few months as higher prices have cut into real purchases, and the inventory-sales ratio for apparel currently is near its 1982 high. Total manufacturing and trade inventories expanded at an annual rate of $31 billion in June. For the second quarter as a whole, stocks increased $45 billion, about the same as in the first quarter. The inventory- sales ratio for all manufacturing and trade fell slighly from 1.50 in May to 1.49 in June. -4INDUSTRIAL PRODUCTION (Percentage change from preceding period; based on seasonally adjusted data) Q1 1987 , Q2 -Annual rate-- Total Index 3.4 3.6 Products Final products Consumer goods Durable consumer goods Nondurable consumer goods 3.6 4.3 4.6 8.6 2.7 2.2 .5 -6.8 3.3 3.2 Equipment Business Defense and space Oil and gas drilling 3.9 4.7 2.2 3.2 Intermediate products Construction supplies Materials Durable goods Nondurable goods Energy materials May 1987 June July ---Monthly rate--.7 .4 .8 1.0 .8 .9 1.7 .1 .1 .1 -.7 .8 .8 .7 .6 .7 .3 .7 4.2 5.4 .1 16.8 .7 .8 .2 4.1 .2 .4 -.3 2.1 1.0 .9 .2 12.2 1.5 4.4 4.2 -2.0 1.4 .7 .0 -.6 .6 .6 3.1 4.1 5.3 -1.2 5.2 3.2 8.7 5.6 .2 -.4 -.2 2.1 .7 .8 .4 1.0 8 1.2 .5 .3 -5- Total Industrial Production (Estimates as shown last month and current estimates) Index (1977=100) Percentage change from previous months Month Previous Current Previous Current April 127.3 127.4 .0 .1 May 128.0 128.3 .5 .7 June 128.2 128.8 .2 .4 129.8 NA .8 July NA--not applicable. NA -6RECENT CHANGES IN PRODUCER PRICES (Percentage change; based on seasonally adjusted data) 1 Relative Importance Dec. 1986 1986 1987 1987 1986 Q4 Q1 Q2 Intermediate materials 2 Exc. energy Crude food materials Crude energy Other crude materials July -Monthly rate- -Annual rateFinished goods Consumer foods Consumer energy Other consumer goods Capital equipment June 100.0 26.3 8.6 40.6 24.5 -2.3 2.9 -38.0 3.0 2.1 1.8 1.0 -12.5 4.4 3.4 4.3 -6.7 59.8 4.2 .4 4.7 14.3 10.9 -.3 1.4 .2 .5 .9 .1 .0 .2 -.6 1.5 .3 .1 95.0 -4.5 -1.2 7.8 5.2 .6 .8 82.9 .1 1.2 3.3 4.5 .5 .5 42.5 40.9 16.6 -1.4 -27.5 1.7 -2.7 -.5 8.5 -10.3 50.0 15.9 34.0 15.8 33.7 -1.4 .9 4.2 -2.0 2.8 2.9 1. Changes are from final month of preceding period to final month of period indicated. 2. Excludes materials for food manufacturing and animal feeds. -7RETAIL SALES (Seasonally adjusted percentage change) 1986 Q 1987 QI Q2 May 1987 June July Total sales Previous estimatel -.1 -1.1 2.4 1.9 -.1 -.3 1.4 .4 (REAL) 2 Previous estimatel -.6 -2.5 1.1 .6 -.5 -.8 1.2 .2 1.2 1.7 .8 .4 .3 .0 .8 -.1 .3 - .4 2.1 .9 .4 .7 .7 -1.3 -3.1 1.7 1.3 -5.9 -10.8 -.1 2.1 4.3 8.2 -1.0 .5 -.7 -1.1 -1.1 -.2 2.7 4.5 -.1 2.4 1.4 1.9 .7 -.5 Nondurable Apparel Food General merchandise 3 .9 .8 1.9 -.5 2.1 2.1 .1 3.2 1.3 .7 .8 2.0 .3 -.2 .3 1.4 .6 2.7 .8 .1 .4 .8 -.3 .5 Gasoline stations -.7 4.6 3.9 -.8 -.5 1.4 15.9 11.3 13.8 9.7 15.0 10.3 14.1 9.7 15.4 10.3 15.6 10.5 4.5 4.2 4.8 4.4 5.1 5.1 Total less auto dealers, nonconsumer stores, and gasoline stations Previous estimatel GAF 2 Durable Automotive dealers Furniture and appliances Other durable goods Memo: Motor vehicle sales 4 Autos Light trucks .8 - 1. Based on incomplete sample counts approximately one month ago. 2. General merchandise, apparel, furniture and appliance stores. 3. General merchandise excludes mail order nonstores; mail order sales are also excluded in the GAF grouping 4. Millions of units at an annual rate; FRB seasonals. -Data are unavailable because of a future release date. -8CHANGES IN MANUFACTURING AND TRADE INVENTORIES (Billions of dollars at annual rates) 1986 Q4 L1 Q2 -1.1 -.7 -4.9 41.2 7.7 8.8 44.6 5.2 13.2 34.4 8.3 5.8 68.8 12.8 31.5 30.6 -5.3 2.2 4.5 5.2 -.7 24.8 19.9 4.8 26.2 8.1 18.1 20.2 2.6 17.7 24.6 13.0 11.6 33.8 8.7 25.0 -2.9 -4.9 -4.7 6.7 4.1 2.6 34.1 5.3 3.6 25.2 21.3 3.9 10.2 4.0 1.7 4.5 -12.2 16.7 24.3 5.7 19.6 -1.1 2.1 -3.2 - June 1.49 1.60 1.21 1.58 1.90 1.48 1987 Apr. 1987 May June Current Cost Basis: Total Manufacturing Wholesale Retail Automotive Ex. auto Constant Dollar Basis: Total Manufacturing Wholesale Retail Automotive Ex. auto - INVENTORIES RELATIVE TO SALES 1 1986 Q4 QL Q2 Apr. 1987 May 1.51 1.65 1.24 1.58 2.03 1.46 1.51 1.62 1.23 1.59 1.95 1.49 1.50 1.64 1.22 1.56 1.90 1.46 1.50 1.63 1.23 1.58 1.96 1.47 1987 Range in Preceding 12 months: 2 high low Current Cost Basis: Total Manufacturing Wholesale Retail Automotive Ex. auto 1.47 1.61 1.21 1.44 1.33 1.42 1.58 1.75 1.32 1.59 2.12 1.49 1.50 1.65 1.25 1.51 1.64 1.47 1. Ratio of end-of-period inventories to average monthly sales for the period. 2. Highs and lows are specific to each series and are not necessarily coincidental. -9(Based MONETARY AGGREGATES on seasonally adjusted data unless otherwise noted) 1 August 14, 1987 19B3: 04 to 1986:04 --1. 2. 3. Ml H2 15.3 8.9 8.8 M3 01 02 May June JulyP Growth from 04 1986 to July 1987P Percentage change at annual rates 13.1 ,6.3 6.4 6.4 2.4 3.9 4.5 0.3 4.7 -10.4 1.0 5.2 1.8 2.8 2.0 Levels in billions of dollars July 1987P Selected components 4. MI-A 5. Currency 6. Demand deposits 7. Other checkable deposits 8. M2 minus M12 .o. Overnight RPs and Eurodollars, NSA General purpose and broker/dealer money market mutual fund shares, NSA Commercial banks Savings deposits, SA, 3 plus K1DAs, NSA Small time deposits S Thrift institutions Savings deposits, SA, 3 plus MIDAs, NSA Small time deposits 17. 13 minus M24 9. 10. 11. 12. 13. Large time deposits 5 At commercial banks, net At thrift institutions Institution-only money market mutual fund shares, NSA Term RPs, NSA Term Eurodollars, NSA - MEMORANDA: 24. Nanaged liabilities at comercial banks (25+26) 25. Large time deposits, gross Nondeposit funds 26. 27. Net due to related foreign institutions, NSA 6 Other 28. 29. U.S. government deposits at cmmercial 7 banks 10.0 5.5 2.7 3.1 -13.2 -0.5 495.2 7.5 10.1 6.6 8.3 5.7 6.3 192.1 11.6 2.5 0.0 0.0 -25.7 -4.4 296.3 28.5 29.7 14.0 7.2 -4.8 6.2 252.5 6.9 4.0 0.9 -1.1 5.1 3.2 2100.2 14.7 10.9 -25.3 -14.4 -12.9 9.8 74.0 17.3 6.8 6.2 6.0 -0.6 -1.4 -10.8 -6.2 6.3 3.6 1.1 2.8 210.4 905.3 16.0 -4.2 4.3 13.4 -4.9 4.0 0.8 -4.5 5.1 -9.2 -1.3 1.8 -0.7 10.4 5.7 -2.7 10.7 3.3 541.9 360.2 918.4 12.0 -1.2 14.3 -4.3 9.7 1.2 4.5 -0.5 0.3 10.4 -7.6 12.5 422.9 4q5.4 8.4 6.4 10.3 22.6 21.8 -1.0 726.5 3.0 2.7 3.4 2.9 9.7 -9.5 9.3 18.3 -8.4 13.5 18.8 2.4 14.1 16.6 8.9 -0.5 -5.0 8.8 464.9 313.7 151.2 30.3 28.3 3.2 0.9 14.4 34.0 -11.4 55.4 1.8 -7.3 24.9 37.0 31.0 -23.2 -46.5 83.4 96.5 86.8 Average monthly change in -18.8 71.2 49.9 billions of dollars -- 2.0 0.6 1.4 8.4 2.8 5.6 6.0 6.3 -0.3 14.3 6.4 7.9 2.0 6.7 -4.7 -9.0 -1.1 -7.9 524.6 371.8 152.8 0.6 0.8 4.3 1.3 1.4 -1.7 10.2 -2.2 -1.9 -2.9 -5.7 -2.2 -7.6 160.4 0.4 -1.2 3.4 5.4 1.8 -3.2 1. Dollar amounts shown under memoranda are calculated on an end-month-of-quarter basis. 2. Nontransactions M2 is seasonally adjusted as a whole. 3. Growth rates are for savings deposits, seasonally adjusted, plus money market deposit accounts (HMDAs), not seaCommercial bank savings deposits excluding MMDAs increased during June and July 1987 at rates sonally adjusted. At thrift institutions, savings deposits excluding MMDAs increased -f 6.9 percent and 7.5 percent, respectively. ing June and July 1987 at rates of 12.6 percent and 2.0 percent, respectively. The non-M2 component of M3 is seasonally adjusted as a whole. institutions. Net of large-denomination time deposits held by money market mutual funds and thrift 6. Consists of borrowings from other than commercial banks in the form of federal funds purchased, securities sold for borrowed money (including borrowings from the Federal under agreements to repurchase, and other liabilities Data are partially estimated. Reserve and unaffiliated foreign banks, loan RPs and other minor items). 7. Consists of Treasury demand deposits and note balances at commercial banks. p--preliminary -10- COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDITE-TERM BUSINESS CREDIT (Percentage changes at annual rates, based on seasonally adjusted data)1 19185:04 to 1986:04 01 02 1987 May June JulyP 2. Total loans and securities at banks Securities 9.8 7.0 7.5 7.4 3.2 14.2 2.4 4.2 11.0 3.1 16.3 - ------------- Commercial Bank Credit 1. Levels in bil. of dollars JulyP 1.0 2168.1 -6.0 2.8 516.4 -12.7 10.6 319.5 3. U.S. government securities 11.9 5.7 4. Other securities 18.0 -2.8 6.1 2.4 5.5 -9.7 196.9 8.4 8.4 8.6 6.3 6.1 0.4 1651.7 5. Total loans 6. Business loans 6.6 7.6 4.7 4.1 5.0 -5.2 555.6 7. Security loans -3.7 -3.1 43.9 -44.0 14.3 -25.4 41.6 8. 2 Real estate loans 14.1 17.9 19.0 19.6 20.4 12.9 543.4 9. Consumer loans 7.3 2.1 0.6 0.4 1.5 314.3 5.4 0.0 -1.0 10. 2 Other loans -1.1 -2.3 -16.6 -14.4 196.8 - Short- and Inte mediate-Term Business Credit --11. Business loans net of bankers acceptances 12. Loans at foreign branches 13. Sum of lines 11 & 12 14. 3 -8.6 Commercial paper issued by nonfinancial firms 15. Sums of lines 13 & 14 16. Bankers acceptances: related4 ,5 17. 6.3 U.S. 8.1 -2.4 4.1 -14.7 3.3 -71.4 5.8 7.9 3.5 1.1 -0.8 -13.0 17.6 28.6 5.0 -4.6 550.2 -7.6 45.9 16.3 4.7 -16.2 -3.4 566.4 -14.9 79.5 -4.4 646.0 4.9 5.2 5.1 4.3 2.0 -3.9 2.5 23.8 11.0 25.4 n.a. 4.4 5.0 6.1 5.0 3.2 n.a. 682.3 (June) 11.7 14.7 17.9 21.2 15.0 n.a. 186.3 (June) 7.0 8.6 5.4 n.a. 868.6 (June) trade Line 15 plus bankers acceptances: U.S. trade related 18. Finance company loans to business 19. Total short- and intermediateterm business credit (sum of lines 17 & 18) 4 5.8 8.2 33.8 (June) 1. Average of Wednesdays. 2. June growth rates for real estate and consumer loans are adjusted for series breaks caused by earlier reporting errors for home equity loans. 3. Loans at foreign branches are loans made to U.S. firms by foreign branches of domestically chartered banks. 4. Based on average of current and preceding ends of month. 5. Consists of acceptances that finance U.S. Imports, U.S. exports and domestic shipment and storage of goods. n.a.--not available. p--preliminary. -11SELECTED FINANCIAL MARKET QUOTATIONS 1/ (percent) 1986 Charge from: 1987 I FOl Jul 7 Oct« PC lousa 19 Foc Aug 13 ey 19 FOH: Jul 7 Sort-term rates Federal fnds 3/ f'eesury bills 4/ 1-year Conrial paper 1-mmth 3-mcth negotiable CD's 4/ ae roadollar deposits 5/ -lacth 3-Ecrth Bak prie rate 5.75 6.78 6.70 6.66 -0.12 -0.04 5.04 5.05 5.25 5.78 .27 6.80 5.60 .59 .21 5.96 6.01 6.43 0.18 -0.26 -0.37 0.22 5.64 5.60 6.95 7.07 6.69 6.74 6.59 6.67 -. -0.10 0.40-0.07 5.59 5.57 5.57 6.97 7.15 7.41 6.68 6.77 6.91 6.56 6.93 -0.41 -0.12 -0.46 -0.08 -0.48 0.02 5.79 5.79 6.81 7.10 7.01 7.08 6.65 6.93 -0.16 -0.36 -0.17 -0.15 7.50 8.25 8.25 8.25 - 8.27 8.89 7.63 8.28 7. 8.85 -0. 8.85 -0.21 -0.64 -0.01 0.22 Intermdiate- and Icg-term rates U.S. treasury (oocstant maturity) 6.41 year 7.28 30-year 7.53 9.06 8.40 zmicopal revere 6/ (Bd Bayer inder) 7.30 8.68 8.05 8.04 Corpote-A utility roeatly fered 9.32 10.26 10.01 10.40 0.14 9.89 10.81 10.30 10.35 7.98 7.99 7.86 7.73 -0.6 Hke mrtgage rates 7/ S&L foa-rate S&L ARM, 1-yr. Sto& - lh40V March fHighs 0.35 0.45 0.39 0.05 -0.13 Percent abage ftc 1987 1986 -0.26 0.27 March Pc Jul 7 Amg 13 highs FOC Jul 7 Stock prices Dowanas Industrial 1955.57 NSE ampoite 145.75 SOc NAAQ (I) ite 1/ Ora-day quotes 215.19 411.16 t as noted. 2372.59 2449. 26 171.08 2.81 9.31 9.64 .49 .97 24.55 451.55 2/ L period fbr sbtte rates. 3/ Averages for t-eek reserve maintemoe period closest to date sbxou. Last observation is the average fbr the mainteranoe period endirg Avg. 12, 1987. 4/ SeoXdary market. 13.44 9.29 9.87 8.14 7.57 5.97 2.71 6. 5/ Avrw es for stateent week oseest to date shown. 6/ c" ,cOne-a 6 quotes fbr for closest urday. 7/ Averages for eek endirg Friday e-estimate losest to date -12- U.S. Merchandise Trade Through June The U.S. merchandise trade deficit in June was $15.7 billion, not seasonally adjusted, ($189 billion at an annual rate) according to figures released by the Commerce Department (Census CIF basis). deficit was larger than in any previous month of 1987. June's These figures include improved data on trade with Canada (see below). For the second quarter, the deficit (nsa) was larger than in the first quarter. See the table below. Exports increased strongly in both June and the second quarter, but imports rose by more. The strength of exports in June and in the second quarter was spread over most categories of manufactured goods. The rise in imports was in both oil and non-oil categories. Oil imports which account for about 10 percent of total imports) expanded at a rate about twice that of nonoil imports. The volume of oil imports jumped 12 percent in June and averaged 7.2 million barrels per day (nsa) compared with 6.2 mbd imported in May. The average price of imported oil increased by nearly 60 cents per barrel in June; excluding insurance and freight charges, the average price of imported oil was about $17.70 per barrel in June compared with $16.23 per barrel in March and $12.94 per barrel in December 1986. Adjustment to Exports for Undocumented Shipments to Canada Beginning with the August press release, adjustments have been added to Census-basis export data for undocumented exports to Canada. These adjustments are available for the months of 1987 and for the years 1986 and earlier. Balance-of-payments (BOP) basis trade data -13- (and GNP data) have always included estimates for these undocumented exports to Canada. This new Census-basis adjustment will improve the BOP-basis estimate because actual monthly data from the Canadian authorities will now be used instead of estimated values based on the last annual reconciliation. The figures shown in column 8 of the table below are the BOP estimates of undocumented exports to Canada that were included in the June BOP press release (and the July GNP press release). The BOP estimates will be revised as necessary in the next press release (August 26) on quarterly trade, BOP basis, to conform with the new Census-basis adjustments. -14- RESTRICTED (FR) August 14, 1987 U.S. Merchandise Trade (billions of dollars, annual rates) Mao: Census Basis (Revised) Not seasonally adjusted Balance Exports I/ BOP Basis Seasonall y adiusted ESoots 2/ IJiet s Balace Caadian Adjustment to ExPorts Added to Already in Census Data 1/ BOP Data 2 (CF) (CIF) (1) (2) (3) (4) (5) (6) 224 219 227 346 -122 352 383 -134 -156 220 216 224 332 338 369 -113 -122 -144 212* 221* 207* 364 384 386 -152* -163* -179* -172* -140 -135 -148 -154 14 398 355 362 375 382 n.a. n.a. n.a. 226* 216 228 226 228 n.a. 9 232 250 388 420 -157 -171 231 383 -152 7 10 n.a. n.a. n.a. 5 n.a. 344 405 416 -143 -172 -155 380 380 389 -162 -152 -144 4 Feb. Mar. 201 232 261 9 10 Apr. 246 May June 249 254 402 418 -156 -168 -189 -140 -153 n.a. 4 4 442 386 396 n.a. Years 1984 1985 1986 (7) 5 6 10 (8) 5 7 10 Quarters 1986 - 1987 - 1 2 1987 - Jan. / 2/ */ 11 Resti icted 3/ Imths I/ 8 2x8 228 246 8 9 7 11 11 11 n.a. Beeinni~ with the August press release, adjustents have been added to ensus-basis export data for undocumented exports to Canada. These adjustments are available for the mnths of 1987 and for annual data only for the years 1986 and earlier. BOP basis data (and GNP data) have always included estimates for these undocumented exports to Canada. The net Census-basis adjustment will inrare the BP-basis estimate. The figures shown in column 8 are the BOP estimates of undocumented exports to Canada that were included in the June BOP press release (and the July QGP press release). Mnthly data on a BOP basis are for official use only. Does not include Cnadian adjustment to exports. No monthly or quarterly figures are available; only annua data are available (see column 7). Source: U.S. Department of Camerce. 

Federal Reserve (1987, August 17). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19870818_part1

@misc{wtfs_greenbook_19870818_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1987},
  month = {Aug},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19870818_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}