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

The revision principally has to do with a sort of respecification of the model rather than objective changes in economic circumstances. As Vincent said, a significant chunk of that came about by how we were modeling the term structure premium. So I think that upward revision should not be taken as a change in economic circumstances. On the other hand, from your perspective of how far the rate is from what that model estimates the equilibrium rate to be, the distance is wider.

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