2. Leo Krippner, an economist at the Reserve Bank of New Zealand, publishes an Effective Monetary Stimulus

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2. Leo Krippner, an economist at the Reserve Bank of New Zealand, publishes an “Effective Monetary Stimulus” (EMS) measure designed to gauge the stance of U.S. monetary policy. Go to the website www.rbnz.govt.nz/research-and-publications/researchprogramme/

additional-research/measures-of-the-stance-ofunited-

states-monetary-policy, and examine the EMS measure. Is monetary policy becoming tighter or looser according to the measure?

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