Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
Macro Musings with David Beckworth
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The Role of the Fed Fund Rate in the Policy Problem
John Luca: Jay Powell seems to be losing some faith in R star. He said it's hard to see some of these stars, if it gets cloudy and maybe some of the stars are moving around. How practical did you find it when you advised John Williams? I think as you mentioned it correctly, it's a lot in parable. It's something we do not observe. So there is a null estimation procedure that is behind that. There are different estimations too based on different ways of thinking about it.
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