The natural rate of interest, also known as r-star, is a key variable for analyzing fiscal and monetary policy. A novel method of measuring this rate for the euro area uses a yield curve model ...
The idea of a “neutral” or “natural” rate of interest looms over discussions of US monetary policy. Whether it’s any help in setting the course of monetary policy is questionable. Yet there’s no doubt ...
The natural rate of interest is an elusive concept in theory and practice. However, it is essential for central banks’ calibration of the policy rate. Model consistent measures are often too extreme ...
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