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The Global Decline of the Natural Rate of Interest and Implications for Monetary Policy

Author

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  • Sungki Hong
  • Hannah Shell

Abstract

A low natural rate of interest in normal times may call for unconventional policy in recessions.

Suggested Citation

  • Sungki Hong & Hannah Shell, 2019. "The Global Decline of the Natural Rate of Interest and Implications for Monetary Policy," Economic Synopses, Federal Reserve Bank of St. Louis, issue 4, February.
    • Handle: RePEc:fip:fedles:87628
    DOI: 10.20955/es.2019.4
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    Cited by:

    1. Benigno, Pierpaolo & Canofari, Paolo & Di Bartolomeo, Giovanni & Messori, Marcello, 2023. "The ECB’s new inflation target from a short- and long-term perspective," Journal of Policy Modeling, Elsevier, vol. 45(2), pages 286-304.
    2. Pierpaolo Benigno & Paolo Canofari & Giovanni Di Bartolomeo & Marcello Messori, 2021. "The implementation and the rationale of the new inflation target of the ECB," Working Papers in Public Economics 205, University of Rome La Sapienza, Department of Economics and Law.

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