Mésonnier, J-S.; Renne, J-P. - Banque de France - 2004
In this article we estimate a time-varying " natural " rate of interest (TVNRI) for a synthetic euro area over the … output gap and the natural rate of interest. The underlying state-space model incorporates an aggregate demand equation and a … difference between the real rate of interest and its estimated natural level, provides us with a valuable tool for assessing the …