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

I think the basic answer to that is “yes,” but there are perhaps things going on here at a cyclical level and at a more structural level. Chairman Bernanke’s hypothesis was more of a structural or a secular explanation of interest rates. What we’re seeing in the upper panel of chart 5 obviously has important cyclical characteristics with, among other things, investment spending being depressed for quite a while in the aftermath of the bubble that apparently prevailed earlier.

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