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

This is a different question for Joe. Your exhibit 10 describes broad trends in net official capital flows from emerging markets to the United States and global real interest rates. Has your view about the relationship between them changed? I thought we had sort of the conventional view. The accepted view within the System was a little skeptical that there was much of an effect, and I didn’t think the research that looked at the relationship between these two things suggested that the effect was that large. Has your view about that changed, or is this exhibit consistent with it?

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