James D. Hamilton, Ethan S. Harris, Jan Hatzius, and Kenneth D. West: The Equilibrium Real Funds Rate: Past, Present and Future: “The uncertainty around the equilibrium rate is large… …and its relationship with trend GDP growth much more tenuous than widely believed… a wide range of plausible central estimates for the current level of the … Continue reading Morning Must-Read: James D. Hamilton, Ethan S. Harris, Jan Hatzius, and Kenneth D. West: The Equilibrium Real Funds Rate: Past, Present and Future