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

We have updated the elasticities since ten years ago. When you first heard us nattering on about the unsustainability of the U.S. current account situation, we had perhaps a more extreme view of those elasticities. If you drop out the 1970s and you restrict your estimates to a more recent period, you tend to get elasticities that move toward each other a little. But the basic asymmetry is still there, and we haven’t responded to 2006 in some specific way. We’re letting a little more time go by to see what happens going forward.

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