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 September 18, 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 Housing starts ................. .............................. UAW-Ford Settlement ......................................... Tables Private housing construction................................ Real gross national product and related items ............... THE FINANCIAL ECONOMY Senior loan officer opinion survey.......................... Tables September 1987 senior loan officer opinion survey............ Monetary aggregates....................................... Commercial bank credit and short- and intermediate-term business credit........................................... Selected financial market quotations........................ INTERNATIONAL DEVELOPMENTS Developments in the foreign industrial countries............. Page SUPPLEMENTAL NOTES THE DOMESTIC NONFINANCIAL ECONOMY Housing starts. Total private housing starts edged down about 2 percent in August to a 1.58 million unit annual rate, as a contraction in single-family starts more than offset some increase in multifamily construction. The August construction pace was 2 percent below the second-quarter average and substantially less than the robust pace recorded earlier in the year. Single- family housing starts declined 4.5 percent in August to a 1.10 million unit rate. The run-up in mortgage interest rates during April and May has damped housing demand, as reflected in the reduced pace of housing starts and sales in recent months. Mortgage interest rates have registered a further increase recently, and single-family starts are expected to contract somewhat further in the fourth quarter. Multi-family housing starts rose about 6 percent in August to an annual rate of 484,000 units. This pace of activity remains close to the second-quarter average, but is substantially below that recorded during the first three months of the year. UAW-Ford Settlement Negotiators for Ford and the United Auto Workers (UAW) reached a tentative agreement on a new three-year contract. The settlement, if approved by the rank-and-file, would provide additional job security to the 104,000 workers at Ford plants and provide for a combination of general wage increase and lump sum payments. In particular, the tenta- tive settlement would guarantee employment for all workers currently employed at Ford plants except during a "strictly defined" decline in production when temporary layoffs would be permitted. In addition, Ford -2- would replace one out of every two jobs lost through attrition. Economic terms reportedly include an initial base wage increase of 3 percent, followed by lump sum payments of about 3 percent of annual earnings in the second and third contract years; the lump sum payments will not be rolled into the base wage. The contract also retains the current COLA formula, continues the profit-sharing plan, and makes some improvements in health benefits. PRIVATE HOUSING CONSTRUCTION (Thousands of units, SAAR) 1987 Ql 1987 July1 Aug.2 Percent change in Aug. from Previous Year Earlier Month Q21 June1 1795 1612 1586 1606 1582 -1.5 -12.1 1256 539 1142 470 1088 498 1150 456 1098 484 -4.5 6.1 -6.9 -22.0 1682 1536 1517 1487 1486 0 1-family 2- or more-family 1146 536 1035 501 1039 478 993 494 1010 476 1.7 -3.6 Mobile home shipments 234 227 231 245 n.a. n.a. Starts 1-family 2- or more-family Permits issued 1. Revised. 2. Preliminary. n.a.--Not available. -14.0 -4.6 -28.8 n.a. 9/18/87 REAL GROSS NATIONAL PRODUCT AND RELATED ITEMS (Percent change from previous period at compound annual rates; based on seasonally adjusted data) 1987-Q2 1987-Q1 1. Gross national product 2. Final sales 2a. Excluding CCC purchases 3. Consumer spending 4. Business fixed investment 4a. Equipment 4b. Structures 5. Residential structures 6. Federal purchases 6a. Defense 7. State and local purchases 8. 9. Previous Revised 4.4 2.3 2.5 -2.3 .0 3.4 4.1 3.5 4.2 -. 7 2.1 1.9 -14.6 -15.3 -12.8 9.3 12.7 1.0 11.7 16.5 .0 -7.7 -2.2 -2.8 -18.6 7.6 7.3 10.7 6.6 9.8 5.0 2.0 1.7 Exports 10.2 12.1 17.9 Imports -5.2 7.4 11.1 47.6 43.9 3.7 37.8 23.4 14.3 39.0 22.7 16.3 ADDENDA: 10. Inventory change 1 10a. Nonfarm 1 10b. Farm 1 11. Net exports 1 12. Nominal GNP 8.6 6.6 6.3 13. GNP implicit price deflator 4.2 3.8 3.5 14. GNP fixed-weighted price index 4.5 4.3 4.1 15. Real disposable personal income 2.7 -3.9 -4.3 16. Saving rate (percent) 4.4 3.0 3.0 17. Corporate profits 294.0 296.5 296.8 1. 2. -135.2 2 -133.3 Level, billions of constant dollars. Level, billions of current dollars, with inventory valuation and capital consumption adjustments. -132.7 THE FINANCIAL ECONOMY September 1987 Senior Loan Officer Opinion Survey on Bank Lending Practices C&I loan growth, which has been generall, sluggish for some time, weakened considerably in July and August. This development was wide- spread but was particularly evident at large banks. To help determine the reasons for this further weakness, respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices (LPS) were asked several questions about their lending policies and loan demand. In addition, the standard questions on willingness to extend credit to households were asked. The Recent Weakness in C&I Loans. All but a handful of LPS re- spondents reported that their loan growth had weakened or remained about 1 unchanged in the July-August period relative to the second quarter. A large majority of banks reporting weaker loan growth ascribed it mainly to weaker demand. However, several respondents reported that tightened lending policies or increased loan sales were responsible for reduced loan growth. 2 According to the responses, a variety of factors accounted for the recent weakness in loan demand. Among the more important was a reduced need for borrowing by C&I loan customers resulting from both lower expenditures on inventories and fixed capital and greater internally generated funds. A lower level of merger and acquisition activity also 1. At the few respondents reporting a pickup in loan growth, stronger demand was given as the cause. 2. Banks that tightened lending terms or increased loan sales reported they did so for a number of reasons including a desire to slow asset growth because of increased loan-loss provisions and an increase in the perceived riskiness of C&I loans relative to their yield. In addition, asset sales was reported to have reduced loan demand. were used to pay down loans used for initial financing of mergers and acquisitions, and security issuance was used to restructure corporate balance sheets away from short-term debt including bank loans. Several respondents indicated that substitution into commercial paper was a 3 further, although less important, reason for weak loan growth. Over two-fifths of banks experiencing weaker loan demand indicated that they intended to take steps to stimulate lending activity. Increased marketing efforts was the most frequently mentioned action, but pricing concessions were being contemplated by a few banks. Other banks indicated that there was little that could be done in the face of a change in the competitive environment, and some respondents planned to shift corporate resources to other banking areas. Willingness to Lend to Households. The survey results showed some increase in the number of respondents indicating greater willingness to lend to households in the three months ending with the survey date. The number of banks indicating an increased willingness to lend rose in the last two surveys, but remains somewhat below the number reporting increased willingness during most of 1986. As was the case in the previous two surveys, the number of respondents reporting increased willingness to extend credit to households, including home equity lending, somewhat exceeded the number reporting increased willingness to extend credit in 3. The sharp contraction in commercial paper of nonfinancial corporations in July and August is estimated to have been entirely due to runoffs of merger-related paper. Short-term market interest rates were low in July and August relative to the prime rate, and some borrowers may have used the proceeds of commercial paper issuance to repay loans taken down under the prime rate option of revolving credit arrangements. -7- the form of consumer installment loans. Evidently, respondents' overall willingness to promote borrowing under home equity lines increased more in the last nine months than willingness to extend consumer installment credit. (By SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE UNITED STATES (Survey taken during the week of September 8, 1987) (Number of banks and percent of banks answering question) size of total domestic assets, in $ billion as of June 30, 1987) which has been depressed through most of 1. Commercial and industrial loan growth, an aggregate basis in July. a. from seasonal influences, how Abstracting growth in the second quarter? Stronger Banks Pct If growth has weakened, did this b. 31 18 13 mainly If your bank has tightened did this mainly reflect: c. its Sales of loans from your portfolio Pct Banks terms of lending, If d. 0 0 C&I loan demand weakened, All respondents S7.5 and over Under 57.5 n1 7 1 All respondents S7.5 and over Under S7.5 e. If demand weakened, Reduced corporate financing needs owing to lower expenditures on inventories and/or fixed investment Average rankl Banks (2.0) (2.8) (1.3) (3.4) (3.8) (2.0) 10 P 2 loans out of its portfolio, Total Banks 4 2 please rank in order of importance): Corporate balance sheet restructuring in which securities replace bank loans Average rank Banks (2.4) (2.4) (2.0) 14 12 2 Reduced corporate financing needs owing to greater internally Other generated funds Average Average rank1 Banks rankl Banks 14 4 5 (2.3) (?.1) (2.6) 6 2 4 (1.8) (3.5) (1.0) Total Banks 25 14 II does your bank plan to initiate steps to stimulate demand? No Yes Banks All respondents S7.5 and over Under S7.5 (2.2) (2.3) (1.8) 31 18 13 (66.7) (75.0) (50.0) 4 3 1 more than one applies, 13 9 4 volume of Total Banks A desire to cut back on overall portfolio growth owing to other reasons Pct Banks (33.3) (25.0) (50.0) Paydowns of merger and acquisition loans using proceeds of asset divestitures Average rank1 Banks (2.9) (2.7) (3.3) A switch by borrowers from bank loans to commercial paper Average rank1 Banks has sold an increased 2 1 1 did this reflect (if Reduced merger and acquisition activity Average rank1 Banks it (80.6) (77.6) (84.6) 25 14 11 A desire to cut back on overall portfolio growth because of additions to loan loss provisions Pct Banks (0.0) (0.0) (0.0) 0 or if Weaker demand for credit Banks Pet (9.7) (5.6) (15.4) 3 1 2 A desire to substitute other assets for C&I loans Pct Banks All respondents S7.5 and over Under S7.5 (39.0) (34.4) (44.4) reflect (9.7) (16.7) (0.0) 3 3 0 23 11 12 July relative to Total Banks About unchanged Pct Banks (52.5) (56.3) (48.') Tightened terms of lending Pct Banks All resoondents $7.5 and over Under S7.5 growthin C&I loans at your bank in you characterize Weaker Banks Pct (8.4) (9.4) (7.4) All respondents $7.5 and over Under 57.5 would eakened significantly further on 1987, 11 7 4 Banks Rc (44.0) (50.0) (36.4) Pce Total Banks (56.0) (50.0) (63.6) these banks As of June 30, 1987, 32 respondents had domestic assets of $7.5 billion or more; combined assets of for all trillion $2.5 and banks 60 of panel entire the for billion $810 to compared billion, $670 totalled federally insured commercial banks. 1. Average rank calculated using 1 for most important, 2 for next most important, and so on. Note: f. If C&I loan growth at your bank has picked up since June, Stronger demand Banks Pet All respondents 57.5 and over Under S7.5 2. 5 (100.0) 3 2 (100.0) (100.0) Purchases of loans from other banks Banks Pet 0 0 0 (0.0) (0.0) (0.0) ainly a result of Total Banks Other Pet Banks 0 (0.0) 0 0 (0.0) (0.0) Please indicate your bank's willingness to make general purpose loans to individuals now as opposed to three months ago. "Loans to individuals" here include standard consumer installment loans plus loans taken down under home equity lines of credit. Much More Banks Pet All respondents $7.5 and over Under 57.5 3. was this 7 5 2 (12.3) (16.7) (7.4) Somewhat more Banks Pet 11 6 5 (19.3) (20.0) (18.5) About unchanged Banks Pct 39 19 90 (68.4) (63.3) (74.1) Somewhat less Banks Pet n 0 0 (0.0) (0.0) (0.0) Much less Pet Banks 0 0 0 Total Banks (0.0) (0.0) (0.0) Please indicate your bank's willingness to make consumer installment loans nov as opposed to three months ago. Much More Banks Pet All respondents S7.5 and over Under S7.5 3 (5.3) 3 (10.0) 0 (0.0) Somewhat more Ranks Pet 12 6 6 (21.1) (20.0) (22.2) About unchanged Banks Pet 42 21 21 (73.7) (70.0) (77.8) Somewhat less Banks Pet 0 0 0 (0.0) (0.0) (0.0) Much less Banks Pet 0 0 (0.0) (0.0) 0 (0.0) Total Banks -10- (Based AGGREGATES MONETARY on seasonally adjusted data unless otherwise noted) 1 Seoteber IR, 1987 noc.^ to 1987 108O: 04 ---- 1. 2. 3. W1 M2 13 J;une S2 Jilv Percentage change at annual 15.3 8.9 13.1 6.3 8.8 A.4 6.4 2.3 3.R Crowvt fro 04 1986 to Aug. 1Q87P rates ----- -10.4 1.6 0.6 2.5 1.7 4.8 Aug. Levels in billions of dollars Aug. 1987 Selected comoonents 4. "1-A 5. Currency 6. Demand deoosict 7. Other checkable deposits R. "2 minus M12 vernirht RPs and Eurodollars, 4SA reneral nuroose and broker/dealer nonev market mutual fund shares, NSA Commercial banks qavines deposits. qA, 3 olus MMDAs, NSA Small time deposits Thrift institutions Savings deoosits, SA, 3 olus "MMAs, NSA Small time deposits 0. 10. 11. 12. 13. 14. 15. 16. 17. 18. Ia. 20. 21. 22. 23. 4 minus M2 M3 Large time deposits 5 At comercial banks, net At thrift institutions Institution-onlv mney nmrket mutual fund shares, NSA Term RPs, NSA Term Eurodollars, NSA -EMORANDA: 24. Manaed liabilities 28. 29. Large time deposits, gross Nondeposit funds Net due to related foreign institutions, NSA 6 Other U.S. wovernrent 7 banks 1. Dollar 5.5 ?.7 7.5 10.1 6.6 5.7 11.6 2.5 0.0 -25.7 28.5 29.7 14.0 -4.8 -13.4 -7.5 1.4 406.5 A.3 6.9 193.2 -4.8 '.8 296.4 6.2 9.5 254.5 '.8 A.1 A.9 4.0 14.7 1I.9 -26.3 -24.3 1.7 44.5 75.5 17.3 6.8 -".6 -1.4 0.3 3.6 I.2 1.1 2.7 17.1 2.8 213.4 6.0 16.0 -4.2 13.4 -4.9 n.8 -4.6 -n.7 11.1 -2. 11.0 0.4 4.3 4.0 5.0 5.4 3.3 5.0 542.0 365.3 921.8 .1* 4.7 (,.3 2109.3 907.3 12.0 14.3 9.7 n.3 -1.6 -4.0 -1.2 -4.3 0.9 0.9 12.7 12.8 421.5 500.4 8.4 6.4 10.0 21.2 -1.5 14.1 733.7 3.0 2.7 3.4 2.9 9.7 -0.5 9.3 18.3 -8.4 13.8 16.2 8.9 -0.5 -5.3 8.8 4.6 n.4 14.3 466.6 313.6 153.0 30.3 28.3 3.2 0.9 14.4 34.0 -11.4 55.4 -0.5 -7.3 24.9 33.1 31.0 -25.6 -48.3 ".0 3.7 102.1 83.4 96.6 Average onthly change in billions of dollars -- 03.1 at caaircial hanks (25+26) 25. 26. 27. 10.0 2.0 0.6 1.4 8.3 2.8 5.5 6.0 6.3 -0.3 2.0 6.7 -4.7 -a.l -1.1 -8.0 5.0 -0.9 5.9 529.6 370.9 158.7 0.6 0.8 4.3 1.3 1.4 -1.7 -1 . -3.0 -'.7 -2.1 6.3 -0.6 -1.3 159.9 deposits at coamercial 0.4 -1.2 3.4 1 ounts shown under memoranda are calculated on an end-month-of-ouarter .8 -3.2 &.6 hasts. 2. Nontransactioas M2 is seasonally adjusted as a whole. 3. Growth rates are for savingr deposits, seasonally adlusted, olus money market deposit accounts (MMAs), not seasonally adjusted. Coaercial bank savings deposits excluding MHMD increased during July and August 1987 at rates of 7.5 nercent and 9.5 percent, respectively. At thrift institutions, savlngs deposits excluding I IMs increased during July and August 1987 at rates of 2.0 percent and 9.5 percent, respectively. 4. The non-2 comonent of M3 is seasonally adlusted as a whole. 5. Net of larfe-denomination tim deposits held by money rket mutual funds and thrift institutions. 6. Consists of horrowings froa other than cnm ercial hanks in the form of federal fnids purchased, securities sold under agreemnts to repurchase, and other liabilities for borrowd money (including borrowins from the Federal Reserve and unaffiliated foreien hanks, loan RPs and other minor items). Data are partially estimated. 7. Consists of Treasury demnd deposits and note balances at comercial banks. o--oreliminary -11COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDIT (Percentage changes at annual rates, based on seasonally adJusted data) 198:04 to 1oR6:4 .. 1I C r2 J Juane ulyC Aug. 1 V September 18, 1987 Levels in bil. of dollars Aug.P Coamercial Bank Credit 1. 2. Total loans and securities at banks Securities 3. I'.S. 4. Other securities 5. 6. Total governent securities loans Security loans 8. Real estate loans 10. Consumer loans 7.0 7.7 14.2 2.4 4.4 11.9 5.7 18.0 -2.8 8.4 8.4 6.6 Business loans 7. O. 9.8 2 2 Other loans 13. Sum of lines 11 & 12 14. Commercial paper issued by nonfinancial firms Il. Sums of lines 13 & 14 16. Bankers acceptances: 4 5 related , 17. -5.3 3.0 16.0 523.5 3.3 -12.0 11.0 33.0 328.6 6.1 5.5 -9.8 -12.2 194.9 P.7 6.3 0.8 9.0 1665.2 4.6 4.8 -5.2 0.0 555.5 -17.0 6;.2 44.0 -3.1 41.8 14.1 17.9 19.3 21.1 13.8 15.7 551.2 7.3 2.1 0.5 -2.7 3.1 8.4 316.8 5.4 0.0 0.0 -13.0 -16.P 4.8 107.7 3 Loans at foreign branches 10.6 -3.7 Business loans net of bankers acceptances 12. Short- and Intermediate-Term 8.1 4.0 4.8 -2.4 -14.7 -7.6 7.8 3.4 4.5 -13.0 17.6 -16.2 Business Credit ---- -4.8 -2.0 549.1 45.9 73.6 17.3 -3.4 -14.9 0.2 -16.6 566.4 78.4 4.9 5.2 5.1 2.0 -4.8 -1.9 -3.9 2.5 23.8 25.4 46.2 n.a. 35.1 (July) 4.4 5.0 6.1 3.0 -2.3 n.a. 680.9 (July) 188.9 (July) U.S. trade Line 15 plus hankers acceptances: T.S. 218R.7 1.3 5.7 ------ 11. 7.6 3.6 trade related 18. rinance company loans to busine*l 19. Total short- and interrediatetem business credit (sm of lines 17 & 18) 4 11.7 14.7 17.9 15.0 16.7 n.a. 5.8 7.0 A.6 5.6 1.8 n.a. RAA.8 1. Averare of Wednesdays. 2. June growth rates for real estate and consumr loans are adiusted for series breaks caused by earlier reporting errors for hom equity loans. 3. Loans at foreign branches are loans made to n.S. firms by foreign branches of domestically chartered banks. ends of onth. 4. Based on average of current and recedli of goods. 5. Consists of acceptances that finance U.S. imports, U.S. exports and domestic shiment and storae n.a.--not available. p--preliminary. (July) -12- III-T-1 SELECTEDFINANCIAL MARKET QUOTATIONS 1/ (percent) 1986 harge frm: 1987 FPC F 18 Avg 18 Sept 3 Sept 17 Sept 3 Aug 18 lamC2 Shrt-term rates Federal ftmds 3/ eesury bllUs V 1-year 5.75 6.90 6.66 6.5 7.20 0.35 5.04 5.05 5.25 6.02 6.28 6.80 6.02 6.18 6.50 6.19 6.98 6.98 6.38 76.08 7.10 0.19 0.54 0.38 0.12 Ocnermial papw 1- onth 3-a lth 5.64 7.16 6.96 6.62 6.88 7.3 0.46 0.72 5.60 Lare ntiable CD's 4 12 nt 5.59 7.07 7.33 765 6.62 6.72 6.96 6.90 5.57 5.57 7.01 7.7 7.35 7.87 0.46 0.43 0.52 0.74 0.72 0.91 5.79 5.79 7.05 7.3 6.65 6.93 7.01 7.11 7.3 7.4 0.3 0.33 0.71 0.51 7.50 8.25 8.25 8.25 8.75 0.50 0.50 6.41 7.28 7.53 8.35 8 9.0 .97 8.48 873 8.95 9.29 9.47 8.69 9.48 0.21 0.19 0.72 0.75 7.30 8.68 8.04 8.47 8.65 0.18 0.61 10.27 10.34 e 10.60e 10.90 e 0.30 0.56 10.81 8.01 10.34 7.78 0.28 0.12 0.5 0.18 urodollar deposits 5/ 1-lmnth 3-cnth BhEr prle rte Intermediate- ard lore-ter 30-year Mzncalps reve 6/ (Band BAer ndex Crtility moantly offered H e rates 7/ AIM, 1-year .89 .98 1986 aige Stock prices s Inbtral Do-JE Cpote AM Cozite HASMQ ( t) 6.97 7. 0.78 0.50 rates Sreasury (onstant mturity) U.S. 6.69 10.91 7.96 10.6 7.8 FOc oao d Aug 18 Sept 17 higes 57 272.42 2654.66 9 184.12 145.75 2M.19 411.16 5. 45526 0.70 0.18 Parent aterge nr: 1987 bcorrd higbe 9.65 176.48 2.61 .98 4.76 075 I/ Oe-day quotes except ee ntd. rates. V Low period ftr br-t 3 Avwervs ftr tOu-ee rem e Mintere n eriods olset to date mat , Bept Sapt. 3 Wtci Is e4ak averge ed1rug Sept. 2. Last dservaticn is the awr todate fr the inteao period ndig Sept. 23, 198. / Seoo-dary market. Au no: 18 477 -7.15 -4.15 .12 3-40 -3.19 -1.50 -1.35 5/ A srage fr ~atateet wk lomset to date sx n. 7/ Ovtes fbr week ndinM Fridy losest to date ab-t te. 0-ftia te -13- INTERNATIONAL DEVELOPMENTS Developments in the Foreign Industrial Countries Japanese real GNP showed no growth in the second quarter after an upward-revised 5.3 percent (s.a.a.r.) growth rate in the first quarter. Domestic demand made a stronger contribution to growth in the second quarter--l.2 percentage points (s.a.) (s.a.) in the previous quarter. compared to 0.8 percentage point Consumer spending and housing investment were two principal sources of growth. This strength in domestic demand was offset by a sizable negative contribution of net exports, -1.1 percentage points. Imports surged 5.9 percent (s.a.) while exports declined 1.6 percent (s.a.). Money growth increased sharply in August. relative to a year earlier. M2+CDs grew 11 percent The Bank of Japan attributed the surge in M2+CDs to a sharp increase in the demand for long-term funds in anticipation of higher interest rates. 

Federal Reserve (1987, September 21). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19870922_part2

@misc{wtfs_greenbook_19870922_part2,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1987},
  month = {Sep},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19870922_part2},
  note = {Retrieved via When the Fed Speaks corpus}
}