In a stochastic pure endowment economy with money but no financial markets, two types of agents trade one non … money partition dynamics that the two variants generate absent any macroeconomic shock, exhibit jumps as well as fat …

-variable single-equation framework with real GDP, an interest rate spread and a monetary or credit variable, in forecasting horizons …. Looking forward, an open question is whether this change in the relationship between money, credit, the term spread and …

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary … criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross … include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times …

euro area long-term interest rates by about 1.55 percentage points, which is in line with previous studies that document a … perspective, as they show that the phenomenon of lower long-term interest rates due to foreign bond buying is not exclusive to the …

likely path of future interest rates. Though, their release did not cause markets to fundamentally revise their expectations …

estimation of the natural rates of interest, unemployment and output, and the sustainable growth rate of the US economy. By … estimates of business cycle dynamics. The sustained decline in the natural rate of interest in recent decades is confirmed, but … on average by around 1 p.p. below its long-run trend over 2008-14. This may have impaired the effectiveness of interest …

Negative interest rate policy (NIRP) is associated with a particular friction. The remuneration of banks´ retail … of interest rates seen in the euro area so far. This confirms studies pointing to higher risk taking by banks under NIRP …

is that demographic changes, while contributing slowly over time to a decline in the equilibrium interest rate, are not …

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary … criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross … include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times …