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

I think there’s another offsetting thing that you can see in this chart, and that is trend productivity growth. If you look at the red band, you can see that it rose quite a bit in the late 1990s, when trend productivity growth rose. Now we’re below the late ’90s with approximately the same trend productivity growth but apparently much less investment demand relative to saving. I think the Chairman’s point offsets the productivity.

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