Comment of the Day: Charles Steindel: “The empirical evidence pretty stronglyshows that 1. any estimates of the equilibrium real rate…

…are subject to a whopping large margin of error, and 2 whatever it is, it moves around a bunch. While it’s a reasonable organizing principle for some discussions (the ‘negative’ vs. ‘positive’ one right now, for example) it’s a bad device to pin hard and fast policy decisions on.