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

Just one follow-up comment. There’s a lot of evidence to suggest that a good part of the reason for the rapid rise in home prices in California, Washington, D.C., and along the East Coast, for example, is because of relatively inelastic supply—not that demand there is necessarily stronger. That’s pretty clear in the data. Whether it’s due to these land use restrictions or other factors, the fact is that these are already fairly densely populated areas and there’s definitely a more inelastic supply in these areas of the country.

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