Fischer: improve estimates of long-run equilibrium rate
Fed vice-chair stresses need for "faster potential growth" as US nears full employment
Stanley Fischer highlighted the importance of improving estimates of the long-run equilibrium interest rate and developing policies "that can influence it", in a speech on May 19.
The Federal Reserve vice-chair was speaking at a conference held in honour of US economist Michael Woodford's contributions to economics. Fischer pointed to the need for models treating both the natural and long-run equilibrium interest rates as "functions of many variables".
This would include fiscal variables, he
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