This survey reviews the literature about the impact of climate change on the natural rate of interest (r*), an …

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 …

This paper investigates how the monetary policy transmission channels change once the economy is in a low interest rate … under normal and low interest rate regimes. We find evidence for a macroeconomic reversal rate related to the substitution … effects becoming weaker relative to the income effects in a low interest rate regime. In this regime the effects of monetary …

Could a monetary policy loosening entail the opposite effect than the intended expansionary impact in a low interest … suggests that the reversal interest rate is located in negative territory of around −1% per annum. The possibility of the … reversal interest rate creates a novel motive for macroprudential policy. We show that macroprudential policy in the form of a …

Nominal and real interest rates in advanced economies have been decreasing since the mid-1980s and reached historical … low levels in the aftermath of the global financial crisis. Understanding why interest rates have fallen is essential for … long-term interest rates in the euro area over the past decade. Moreover, building on the European Commission projections …

and even negative interest rates. That is, with rates close to or below zero, further interest rate cuts became …. In particular, the change in sensitivity to interest rate surprises as rates drop to low and negative levels is much more … explained by a reluctance of banks to pay negative interest rates on retail deposits. …

and negative interest rates. We use both proprietary and commercial data on individual bank balance sheets and financial … market prices. Our results show that monetary policy easing - a decrease in short-term interest rates and/or a flattening of … non-interest income largely offsetting the negative one on net interest income. We also find that a protracted period of …

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 …