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Use only for questions that are directly related to the central bank of the United States, the "Fed". For example, US monetary policy, US money supply, US balance sheet, etc. Do not use for generic questions related to central banks, monetary policy or other, which are not directly related to the Fed. Use instead central-banking, monetary-policy, or related tags.
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Interest rate determination in the real world
If you are referring to wages when you say 'nominal incomes' then you are reversing cause and effect. What happens first is the intervention by the central bank to artificially lower interest rates w …