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

They’re inferred from a very simple model—very limited three- equation, five-equation type estimates. We have one that we derived from something as complicated as FRB/US, but the rest are just our looking at real interest rates and output gaps and trying to line them up. Thus many of the more structural explanations are only very loosely captured by these estimates.

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