The natural real rate of interest in the euro area

In this paper, we discuss the consequences of taking inot account the variations of the natural real interest rate (rt*) in simple monetary policy rules. We also provide one possible model-based analysis of the level of rt* that has prevailed in the euro area since the early 1970s, and present the implied 'real rate rate gap' as a possible additional indicator to assess the stance of monetary policy.

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Year of publication:	2003
Authors:	Giammarioli, Nicola ; Valla, Natacha
Publisher:	Frankfurt a. M. : European Central Bank (ECB)
Subject:	euro area \| monetary policy \| Natural rate of interest

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Series:	ECB Working Paper ; 233
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	hdl:10419/152667 [Handle] RePEc:ecb:ecbwps:20030233 [RePEc]
Classification:	E4 - Money and Interest Rates ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit
Source:	EconStor

Persistent link: https://www.econbiz.de/10011604279