It contains a number of estimates of the “Equilibrium Real Federal Funds Rate” – the interest rate that if maintained would return the economy over time to its so-called potential, the highest level of output that does not lead to undue inflationary pressures. The book also includes calculations of policy solutions using policy rules as well as model-based estimates of optimal policy.
And it contains an analysis of each of the policy alternatives that were circulated in draft form on Tuesday. Often, the staff also provides the FOMC with memos on special topics.