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It is Stella's sixth-year work anniversary and she has just completed her 650th flight. She started her flight attendant career on January 1st , 2016 after completing her HR certificate and flight schooling. At first, Stella enjoyed the international flight and travelling to exotic locations. In the off days between landing and return to Canada, she would visit the city museums and keep an eye out for fashion. Initially, she was working 200 shorter flight routes which were each from 3 hours to 9 hours in range. Compensation for these flights averaged out at $48 per flight hour. For the long-haul flights greater than 9 hours in length (prominent from her second-year onwards), Stella was paid overtime at an added $24 per hour. Typically, there were three long haul flights offered per month. In 2018, she made $50,000 by booking as many long-haul flights as was possible and was also paid a bonus of $7,500 for her outstanding performance. 2019 was a similarly good year for Stella- she earned $55,000 but did not benefit from a bonus as the airline was struggling to meet its own profit targets. 2020 and 2021 brought a dramatic decrease in flight offerings and as Stella was relatively junior, she was temporarily laid off by the airline.
Question: Income of Stella before the entrepreneur.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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