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.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.
Volume (Year): (2005)
Issue (Month): Dec ()
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- Cuaresma, Jesus Crespo & Brzoza-Brzezina, Michal, 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.
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