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

It is more than an assumption: It’s an assumption that could be defended with some empirical evidence. Again, in some of these inflation persistence regressions in very short sample periods, there is evidence that the persistence has fallen very close to zero. Taken at face value, that could produce an outcome quite similar to what we are calling the “less inflation persistence” scenario. As you know from reading our memo, we do not think that is probably the best starting point for your consideration, but we do not think it is implausible or unreasonable.

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