R-star—-Another Idiotic Fabrication Of The Monetary Central Planners

R-star is a fiction which like term premiums for interest rate decomposition allows Economists to skate past reality and onto their econometric blackboards. If there was a neutral rate, which R-star (or R*) proposes to be, why would there be only one and what good would knowing its level today do? In a dynamic world, if you figure out where neutral is today it won’t be there tomorrow.