NY Fed's Geithner on uncertainty and transparency

In the speech 'Uncertainty and transparency in the conduct of monetary policy' given on 31 May Timothy Geithner of the Federal Reserve Bank of New York said the neutral range of U.S. interest rates is almost impossible to capture, making the near-term course of rates increasingly uncertain.

"Economic concepts that are critical to our understanding of the economy may be difficult or impossible to capture in practice," said Geithner in the speech.

"One such concept is the neutral or equilibrium

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