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The Equilibrium Real Funds Rate: Past, Present and Future

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NBER2015-08-01 更新2025-01-04 收录
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We examine the behavior, determinants, and implications of the equilibrium level of the real federal funds rate, defined as the rate consistent with full employment and stable inflation in the medium term. We draw three main conclusions. First, the uncertainty around the equilibrium rate is large,

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2015-08-01
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