Have international developments lowered the neutral rate?
AbstractOne way to think about monetary policy is in terms of a neutral federal funds rate, one that exerts neither inflationary nor deflationary pressures. Recent declines in worldwide investment, coupled with the growing globalization of financial markets suggest that the neutral rate may be lower than the current stance of monetary policy and the stage of the business cycle may lead one to believe.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.
Volume (Year): (2005)
Issue (Month): Dec ()
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Michal Brzoza-Brzezina & Jesus Crespo Cuaresma, 2008.
"Mr. Wicksell and the global economy: What drives real interest rates?,"
139, Oesterreichische Nationalbank (Austrian Central Bank).
- Michal Brzoza-Brzezina & Jesus Crespo Cuaresma, 2007. "Mr. Wicksell and the global economy: What drives real interest rates?," Working Papers 2007-06, Faculty of Economics and Statistics, University of Innsbruck.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lee Faulhaber).
If references are entirely missing, you can add them using this form.