The natural rate of interest: estimates, drivers, and challenges to monetary policy
Citations
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Cited by:
- policy, Work stream on macroprudential & Albertazzi, Ugo & Martin, Alberto & Assouan, Emmanuelle & Tristani, Oreste & Galati, Gabriele & Vlassopoulos, Thomas, 2021. "The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area," Occasional Paper Series 272, European Central Bank.
- Richard H. Clarida, 2019. "The Federal Reserve’s Review of Its Monetary Policy Strategy, Tools, and Communication Practices : A speech at \"New England Perspectives on Fed Policymaking: A 'Fed Listens' Conference\" hosted by the Federal Reserve Bank of Boston, Boston," Speech 1063, Board of Governors of the Federal Reserve System (U.S.).
- Maurice Obstfeld, 2020.
"Global Dimensions of U.S. Monetary Policy,"
International Journal of Central Banking, International Journal of Central Banking, vol. 16(1), pages 73-132, February.
- Maurice Obstfeld, 2019. "Global Dimensions of US Monetary Policy," Working Paper Series WP19-16, Peterson Institute for International Economics.
- Maurice Obstfeld, 2019. "Global Dimensions of U.S. Monetary Policy," NBER Working Papers 26039, National Bureau of Economic Research, Inc.
- Obstfeld, Maurice, 2019. "Global Dimensions of U.S. Monetary Policy," CEPR Discussion Papers 13887, Centre for Economic Policy Research.
- Busetti, Fabio & Neri, Stefano & Notarpietro, Alessandro & Pisani, Massimiliano, 2021.
"Monetary policy strategies in the New Normal: A model-based analysis for the euro area,"
Journal of Macroeconomics, Elsevier, vol. 70(C).
- Fabio Busetti & Stefano Neri & Alessandro Notarpietro & Massimiliano Pisani, 2020. "Monetary policy strategies in the New Normal: a model-based analysis for the euro area," Temi di discussione (Economic working papers) 1308, Bank of Italy, Economic Research and International Relations Area.
- Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
- repec:ptu:bdpart:e202101 is not listed on IDEAS
- Coenen, Günter & Montes-Galdón, Carlos & Schmidt, Sebastian, 2021.
"Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment,"
Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
- Schmidt, Sebastian & Coenen, Günter & Montes-Galdón, Carlos, 2021. "Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment," CEPR Discussion Papers 16403, Centre for Economic Policy Research.
- Coenen, Günter & Montes-Galdón, Carlos & Schmidt, Sebastian, 2021. "Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment," Working Paper Series 2572, European Central Bank.
- Coenen, Günter & Montes-Galdón, Carlos & Schmidt, Sebastian, 2021. "Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment," CFS Working Paper Series 656, Center for Financial Studies (CFS).
- Gregor Boehl & Gavin Goy & Felix Strobel, 2024.
"A Structural Investigation of Quantitative Easing,"
The Review of Economics and Statistics, MIT Press, vol. 106(4), pages 1028-1044, July.
- Gregor Boehl & Gavin Goy & Felix Strobel, 2020. "A Structural Investigation of Quantitative Easing," CRC TR 224 Discussion Paper Series crctr224_2020_193, University of Bonn and University of Mannheim, Germany.
- Böhl, Gregor & Goy, Gavin & Strobel, Felix, 2021. "A structural investigation of quantitative easing," Discussion Papers 01/2021, Deutsche Bundesbank.
- Gregor Boehl & Gavin Goy & Felix Strobel, 2020. "A Structural Investigation of Quantitative Easing," Working Papers 691, DNB.
- Böhl, Gregor & Goy, Gavin & Strobel, Felix, 2020. "A structural investigation of quantitative easing," IMFS Working Paper Series 142, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Richard H. Clarida, 2019. "The Federal Reserve's Review of Its Monetary Policy Strategy, Tools, and Communication Practices : a speech at the \"Fed Listens: Distributional Consequences of the Cycle and Monetary Policy\" Conference hosted by the Opportunity and Inclus," Speech 1054, Board of Governors of the Federal Reserve System (U.S.).
- Günter Coenen & Carlos Montes‐Galdón & Frank Smets, 2023.
"Effects of State‐Dependent Forward Guidance, Large‐Scale Asset Purchases, and Fiscal Stimulus in a Low‐Interest‐Rate Environment,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 825-858, June.
- G nter Coenen & Carlos Montes-Gald n & Frank Smets, 2019. "Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 19/983, Ghent University, Faculty of Economics and Business Administration.
- Smets, Frank & Coenen, Günter & Montes-Galdón, Carlos, 2021. "Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment," CEPR Discussion Papers 16050, Centre for Economic Policy Research.
- Coenen, Günter & Montes-Galdón, Carlos & Smets, Frank, 2020. "Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment," Working Paper Series 2352, European Central Bank.
- Coenen, Günter & Montes-Galdón, Carlos & Smets, Frank, 2020. "Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment," CFS Working Paper Series 639, Center for Financial Studies (CFS).
- Martínez-García, Enrique, 2021.
"Get the lowdown: The international side of the fall in the U.S. natural rate of interest,"
Economic Modelling, Elsevier, vol. 100(C).
- Enrique Martínez García, 2020. "Get the Lowdown: The International Side of the Fall in the U.S. Natural Rate of Interest," Globalization Institute Working Papers 403, Federal Reserve Bank of Dallas, revised 20 Feb 2021.
- Richard H. Clarida, 2019. "The Federal Reserve’s Review of Its Monetary Policy Strategy, Tools, and Communication Practices : A speech at \"Fed Policy: A Shadow Review\" Cato Institute’s 37th Annual Monetary Conference, Washington, D.C., November 14, 2019," Speech 1104, Board of Governors of the Federal Reserve System (U.S.).
- Thiago Revil T. Ferreira & Samer Shousha, 2021. "Supply of Sovereign Safe Assets and Global Interest Rates," International Finance Discussion Papers 1315, Board of Governors of the Federal Reserve System (U.S.).
- Serguei Kaniovski & Thomas Url & Helmut Hofer & Viola Garstenauer, 2021. "A Long-run Macroeconomic Model of the Austrian Economy (A-LMM 2.0). New Results (2021)," WIFO Studies, WIFO, number 67377.
- Cecion, Martina & Coenen, Günter & Gerke, Rafael & Le Bihan, Hervé & Motto, Roberto & Aguilar, Pablo & Ajevskis, Viktors & Giesen, Sebastian & Albertazzi, Ugo & Gilbert, Niels & Al-Haschimi, Alexander, 2021. "The ECB’s price stability framework: past experience, and current and future challenges," Occasional Paper Series 269, European Central Bank.
- Brand, Claus & Mazelis, Falk, 2019. "Taylor-rule consistent estimates of the natural rate of interest," Working Paper Series 2257, European Central Bank.
- Darracq Pariès, Matthieu & Notarpietro, Alessandro & Kilponen, Juha & Papadopoulou, Niki & Zimic, Srečko & Aldama, Pierre & Langenus, Geert & Alvarez, Luis Julian & Lemoine, Matthieu & Angelini, Elena, 2021. "Review of macroeconomic modelling in the Eurosystem: current practices and scope for improvement," Occasional Paper Series 267, European Central Bank.
- Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021. "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series 24, Bank of Lithuania.
- Richard H. Clarida, 2019. "Sustaining Maximum Employment and Price Stability : a speech at the Economic Club of New York, New York, New York, May 30, 2019," Speech 1067, Board of Governors of the Federal Reserve System (U.S.).
- Richard H. Clarida, 2019. "The Federal Reserve's Review of Its Monetary Policy Strategy, Tools, and Communication Practices, a speech at \"The Bank of Finland Conference on Monetary Policy and Future of EMU [Economic and Monetary Union],\" Helsinki, Finland, July 1, ," Speech 1075, Board of Governors of the Federal Reserve System (U.S.).
- Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021. "Climate change and monetary policy in the euro area," Occasional Paper Series 271, European Central Bank.
- Magnus Reif, 2020. "Macroeconomics, Nonlinearities, and the Business Cycle," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 87, April.
- Adrian Penalver & Daniele Siena, 2025.
"The Deflationary Bias of the ZLB and the FED's Strategic Response,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(4), pages 1045-1064, June.
- Adrian Penalver & Daniele Siena, 2021. "The Deflationary Bias of the ZLB and the FED s Strategic Response," Working papers 843, Banque de France.
- Richard H. Clarida, 2019. "The Federal Reserve’s Review of Its Monetary Policy Strategy, Tools, and Communication Practices : A speech at \"Fed Listens: A Capstone Roundtable\" hosted by the Federal Reserve Bank of New York, New York, New York, May 20, 2019," Speech 1062, Board of Governors of the Federal Reserve System (U.S.).
- Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
- Lukasz Rachel & Lawrence H. Summers, 2019.
"On Secular Stagnation in the Industrialized World,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(1 (Spring), pages 1-76.
- Łukasz Rachel & Lawrence H. Summers, 2019. "On Secular Stagnation in the Industrialized World," NBER Working Papers 26198, National Bureau of Economic Research, Inc.
- Philippe Andrade & Jordi Gali & Herve Le Bihan & Julien Matheron, 2019.
"The Optimal Inflation Target and the Natural Rate of Interest,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(2 (Fall)), pages 173-255.
- Julien Matheron & Philippe Andrade & Hervé Le Bihan & Jordi Galí, 2017. "The Optimal Inflation Target and the Natural Rate of Interest," Working Papers 1009, Barcelona School of Economics.
- Philippe Andrade & Jordi Gali & Hervé Le Bihan & Julien Matheron, 2019. "The Optimal Inflation Target and the Natural Rate of Interest," Working Papers 19-18, Federal Reserve Bank of Boston.
- Philippe Andrade & Jordi Gali & Hervé Le Bihan & Julien Matheron, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," Working papers 670, Banque de France.
- Philippe Andrade & Jordi Galí & Hervé Le Bihan & Julien Matheron, 2017. "The optimal inflation target and the natural rate of interest," Economics Working Papers 1591, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 2019.
- Philippe Andrade & Jordi Galí & Hervé Le Bihan & Julien Matheron, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," NBER Working Papers 24328, National Bureau of Economic Research, Inc.
- GalÃ, Jordi & Andrade, Philippe & Le Bihan, Hervé & Matheron, Julien, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," CEPR Discussion Papers 12723, Centre for Economic Policy Research.
- van Riet Ad, 2019. "Monetary Policy and Unnatural Low Interest Rates: Secular Stagnation or Financial Repression?," Review of Economics, De Gruyter, vol. 70(2), pages 99-135, August.
- Sweder van Wijnbergen, 2018.
"Real interest rates, exchange rates and the ZLB: on Secular Stagnation,"
Tinbergen Institute Discussion Papers
18-032/VI, Tinbergen Institute, revised 28 Oct 2018.
- van Wijnbergen, Sweder, 2018. "Real interest rates, exchange rates and the ZLB: on Secular Stagnation," CEPR Discussion Papers 12837, Centre for Economic Policy Research.
- Jan Priewe, 2020. "Why 60 and 3 percent? European debt and deficit rules - critique and alternatives," IMK Studies 66-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Pagliari, Maria Sole, 2024.
"Does one (unconventional) size fit all? Effects of the ECB’s unconventional monetary policies on the euro area economies,"
European Economic Review, Elsevier, vol. 168(C).
- Maria Sole Pagliari, 2021. "Does one (unconventional) size fit all? Effects of the ECB's unconventional monetary policies on the euro area economies," Working papers 829, Banque de France.
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