Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

An interesting question is whether drilling is a function of profits at the production level, which one has always assumed to be the case, or if the aggregate consolidated profit is more relevant. I say that because the implication here is that the propensity to spend out of the refining marketing margin may be much lower than the propensity to spend out of the profits from crude and natural gas production, which would signal another way of coming at this particular issue. President Yellen.

Keyboard shortcuts

j previous speech k next speech