Federal Reserve Board officials unsure about the evolution of the equilibrium real funds rate may want to delay raising the federal funds rate until more evidence on labour market and inflationary pressures has emerged, according to research presented at this year's US Monetary Policy Forum.
Four American economists – James Hamilton, Ethan Harris, Jan Hatzius and Kenneth West – examine how the equilibrium rate has changed over time in the paper, The Equilibrium Real Funds Rate: Past, Present and
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