Emerging markets have experienced a sizeable decline in their neutral real interest rates until recently. In this paper …

-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified …

data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and …We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers … choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money …

This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full … exhibiting lower NRIR levels. Based on the estimated NRIRs, we assess that the current monetary stance (measured by the interest … that the interest rate gap can be a good predictor of future inflation dynamics and economic growth. In addition, looking …

standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be … transformed money demand, in addition to the observed output gap and inflation, into a simple but optimal interest rate rule …. Combining the transformed money demand and the observed output gap provides the best information about the natural interest rate …

This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full … exhibiting lower NRIR levels. Based on the estimated NRIRs, we assess that the current monetary stance (measured by the interest … that the interest rate gap can be a good predictor of future inflation dynamics and economic growth. In addition, looking …

changing U.S. interest rates on GCC banks funding costs, asset rates, and profitability. We find stronger pass-through from U …

We study how low interest rates in the United States affect risk taking in the market of cross-border leveraged … corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of … to non-U.S. borrowers in response to a decline in short-term U.S. interest rates, and, after it, in response to a decline …

address future deflationary shocks. The existence of cashprevents central banks from cutting interest rates much below zero …. In this paper, we considerthe practical feasibility of recent proposals for decoupling cash from electronic money …

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation …