2020  Source: Bureau of Labor Statistics; Board staff calculations. Aug.  Sep . Oct . Nov.  Dec.  Jan.  3 2021  Figure 7. Employment by Wage Quartile Percent Weekly  110  100  90 Jan. 9, 2021  80  70  Bottom Bottom-middle  . Feb.  Mar . Apr . May  Jun. Jul .
The Reserve Bank’s estimates of trends in real long-term interest rates do suggest the neutral real 90-day interest rate has fallen since the GFC, both in New Zealand and in other countries (figure 10).8 And estimates based on equations that describe how monetary policy has responded to inflation and demand pressure in the past also suggest the neutral 90-day rate might be lower since the crisis.9 As I have discussed, adjustments in the Reserve Bank’s forecasting framework between 2008 and 2010 incorporated much of this fall.