The Long-Run Natural Rate of Interest

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  1. Expat commented on Dec 11

    I am not sure what point the authors are trying to make, but they essentially say that the “natural” interest rate is whatever the Fed decides it should be. Since we have seen how skillful the Fed has been in managing interest rates, crises, and the economy, it seems that this article is either a futile exercise in tautology or a waste of ink.

    Given the “conclusions” drawn, how about both?

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