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February 9, 2016

The Expected Real Interest Rate in the Long Run: Time Series Evidence with the Effective Lower Bound

Benjamin K. Johannsen and Elmar Mertens

In response to the global financial crisis, the Federal Open Market Committee lowered the target for the federal funds rate to a range of 0 to 25 basis points in December 2008, and maintained that target range until the end of 2015. Over that same period, longer-term interest rates in the United States were at historically low levels.

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February 5, 2016

State and Local Pension Funding in the Enhanced Financial Accounts

Matthew Hoops, Paul Smith, and Irina Stefanescu

In this Note we describe new state-level data on the funding status of state and local government defined-benefit pension plans, which is part of the Enhanced Financial Accounts (EFA) initiative.

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February 3, 2016

Saving for College and Section 529 Plans

Simona Hannon, Kevin Moore, Max Schmeiser, and Irina Stefanescu 1

The past decade has simultaneously witnessed a substantial increase in enrollment at post-secondary institutions and a marked increase in college tuition. Not surprisingly, this trend overlapped with an increased demand for student loans and tax-advantaged educational savings.

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Disclaimer: FEDS Notes are articles in which Board economists offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers.

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Last update: February 9, 2016