When the Federal Reserve adjusts its target for the federal funds rate, market interest rates usually move, but not always in the same direction as the target. Ellingsen and Soderstrom (2001) have suggested that long and short interest rates should move in the same direction whenever monetary policy responds to economic developments (endogenous policy), but in op- posite directions whenever policy responds to changes in policy preferences (exogenous policy). The current paper interprets the verbal statements of bond market specialists, reported in the financial press, following monetary policy actions by the Federal Reserve. The resulting classification of policy actions successfully explains the response of market interest rates to monetary policy.

The Working Paper series presents reports on matters in the sphere of activities of the Riksbank that are considered to be of interest to a wider public. The papers are to be regarded as reports on ongoing studies and the authors will be pleased to receive comments. The views expressed in Working Papers are solely the responsibility of the authors and should not to be interpreted as reflecting the views of the Executive Board of Sveriges Riksbank. Abstract This paper derives closed-form expressions for optimal monetary policy rules when the central bank can influence inflation directly with a one-period lag as well as a two-period lagged effect via the output gap. It turns out that even a modest one-period inflation effect from monetary policy actions has substantial implications for monetary policy that also seem to be a step towards increased realism. For instance, in models where the central bank only can affect inflation with a two-period lag via the output gap, policy becomes more aggressive and the output gap exhibits a tendency to switch sign frequently. This unrealistic oscillating feature can be avoided by allowing the central bank to influence inflation with a one-period lag. The model also illustrates that the nature of empirical (or reduced-form) Phillips curves may reflect monetary policy and the observation that the Phillips curve in recent years has become flatter can in this model be explained by a more counter-cyclical monetary policy. colleagues at the riksbank. Of course, I am responsible for all remaining errors. The views expressed in this paper are solely the responsibility of the author and should not be interpreted as reflecting the views of the Executive Board of Sveriges Riksbank.

A compact high-power RF load comprises a series of very low Q resonators, or chokes [16], in a circular waveguide [10]. The sequence of chokes absorb the RF power gradually in a short distance while keeping the bandwidth relatively wide. A polarizer [12] at the input end of the load is provided to convert incoming TE10 mode signals to circularly polarized TE11 mode signals. Because the load operates in the circularly polarized mode, the energy is uniformly and efficiently absorbed and the load is more compact than a rectangular load. Using these techniques, a load having a bandwidth of 500 MHz can be produced with an average power dissipation level of 1.5 kW at X-band, and a peak power dissipation of 100 MW. The load can be made from common lossy materials, such as stainless steel, and is less than 15 cm in length. These techniques can also produce loads for use as an alternative to ordinary waveguide loads in small and medium RF accelerators, in radar systems, and in other microwave applications. The design is easily scalable to other RF frequencies and adaptable to the use of other lossy materials.