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

May I ask a question? If you look in the Bluebook, the range of estimates of the real equilibrium rate has shifted up substantially, which could suggest that we’re a lot farther away from the real equilibrium rate than we thought. This is especially true for the estimates based on the FRB/US model. Can you comment on that?

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