Fischer notes ‘considerable uncertainty’ around longer-run federal rate
Fed vice-chairman cites 2003 paper by Laubach and Williams
Stanley Fischer, vice-chairman of the Federal Reserve, has noted that there is considerable uncertainty around estimates of the current longer-run federal funds rate.
Fischer examined the literature on the subject in the footnotes to a speech he gave in New York on October 17.
He cited a 2003 Federal Reserve paper by Thomas Laubach and John Williams, which estimated only around 0.25% of the post-2000 federal funds rate was its "long-run component". This compared with Laubach and Williams's
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