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Federal Reserve Bank of St. Louis
Economic Synopses
The FOMC’s interest rate policy: how long is the long run?
Daniel L. Thornton
Abstract

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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Daniel L. Thornton, "The FOMC’s interest rate policy: how long is the long run?" , Federal Reserve Bank of St. Louis, Economic Synopses, number 29, 2011.
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Keywords: Federal Open Market Committee ; Monetary policy ; Interest rates
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