The document discusses the timing and speed of interest rate hikes by the Federal Reserve, emphasizing that speed may be more critical than timing. It suggests that the Fed is unlikely to raise rates in 2015 due to a low bar for delay, influenced by factors like job reports and private final demand. The document also analyzes the output gap since 1960 and updates a wage model incorporating the Fed's new NAIRU estimates, indicating delayed wage acceleration even if unemployment falls.
doj/DataSet10/EFTA01385923.pdf
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