adjusted its target for the federal funds rate just 22 times, an average of about one change every four months. In contrast, there were 55 target changes during a period of similar length from 1987 through 1993—an average of one change about every month and a half. The average number of changes per unit of time can be somewhat misleading because several long periods without a target change have been followed by periods of frequent target changes. Consequently, a different, and perhaps somewhat better, measure of the frequency of target changes is the median number of business days between target changes. The median number of business days between target changes since 1994 is 53. Between 1987 and 1993, the median number of business days between changes was just 18. Eight of the 55 targe
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