Economic  3  More on Fed Listens events and related information is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-andcommunications-fed-listens-events.htm. 4 The inflation rate referenced is the October 12-month percent change in the price index for personal consumption expenditures excluding food and energy.
5 The discussion of all these issues was centered on Fed Chair Alan Greenspan’s (1998) “New Economy” hypothesis that the United States had undergone fundamental changes for the better, leading to the otherwise puzzling outcomes. 6 See, for example, the estimates of the neutral rate reported on the New York Fed’s website at https://www.newyorkfed.org/research/policy/rstar.