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

The point here is that the term “sustainable growth” is a proxy for an expanding economy whose growth is internally sustainable, meaning it does not have in it the seeds of its own demise. Now, one can argue that that is maximum sustainable growth, and one can argue that it won’t matter—the difference here is hardly discernible— whether we’re talking about growth of 3 percent, 3¼ percent, or 3½ percent. It’s somewhere in that area, but we shouldn’t be putting down a number.

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