Fed's Williams Says Covid Didn't End Era of Low Rates

The video discusses the concept of R Star, its status post-pandemic, and the challenges in forecasting its future. It highlights the use of forecast data and models to estimate R Star, showing that current estimates are similar to pre-pandemic levels but may decrease. The video emphasizes the imprecision and challenges in empirical research, encouraging continuous learning and adaptation. It concludes by honoring Thomas Laubach's legacy in economic research.

What is the current status of R Star according to the estimates discussed?

• It is impossible to estimate currently.

• It has significantly increased since the pandemic.

• It remains about the same as before the pandemic.

• It has ended the era of low natural interest rates.

What data is used to forecast the future of R Star?

• Estimates from the previous decade.

• Projections from the blue chip forecast.

• Current inflation and GDP data.

• Only historical GDP data.

What does the HLW based estimate suggest about R Star's future?

• It will remain stable.

• It will rise significantly.

• It will fall slightly below zero.

• It will become unpredictable.

What is a key challenge in empirical research according to the speaker?

• Dealing with imprecise estimates.

• Lack of data availability.

• Overcoming technological barriers.

• Finding a single correct answer.

What legacy does Thomas Laubach leave in the field of empirical research?

• A focus on technological advancements.

• A single method for estimating R Star.

• A definitive answer to economic questions.

• A process of continuous learning and adaptation.