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These brief essays delve into the economic issues of the day for a generally informed readership.

2011, No. 29 (Posted 2011-09-06)

The FOMC’s Interest Rate Policy: How Long Is the Long Run?

by Daniel L. Thornton

The only outcome consistent with the Fisher equation holding and the FOMC’s zero interest rate policy is that the “long run” is considerably longer than 4.5 years.

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