Speech

Comments on “The Equilibrium Real Funds Rate: Past, Present, and Future.”

Abstract: It is a real pleasure for me to participate in this year?s Monetary Policy Forum. As an attendee of this event for the past several years, I have been very impressed with the organizers? ability to choose a year in advance the topic that turns out to be the issue policymakers are grappling with at the time the forum rolls around. Once again, the organizers have been able to do this, with the important paper by Jim Hamilton, Ethan Harris, Jan Hatzius, and Ken West. Another example of the value of being forward looking when it comes to monetary policy! In the time I have, I will discuss some of the highlights of the paper ? some of which the authors have laid out as ?lessons learned? from history. I?ll focus on measurement and implications for policy. Taking their lead, I?ll present five of my own lessons spurred by reading their interesting paper. Of course, the views I?ll present today are my own and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.

Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Speech

Publication Date: 2015-03-30

Number: 52