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

That’s right. The potential output measures are based on a GDP concept, and productivity in the nonfarm business sector is the measure of structural productivity that we’re using for potential GDP. The upper panel is just to illustrate what might happen if, for example, the real GDP numbers for last year were revised up to show the same growth rate that GDI shows now.

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