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

In the process of estimating the wage-price structure in the FRB/US model, we are actually generating our own proxies for expected inflation. And those proxies are the forecasts that would be generated by a small VAR model of the economy, assuming that embedded in that small VAR model is a particular view of how monetary policy is formed.

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