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

One point to make in that regard is that, to the extent you take a very highly articulated model like FRB/US as a reasonable representation of the way the world works, it tells you that equilibrium real interest rates are determined by a broad range of factors. There is no real presumption that there is constant level to which it returns over time without considerations of those exogenous variables.

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