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Natural rate chimera and bond pricing reality
Brand, Claus; Goy, Gavin; Lemke, Wolfgang - 2021
equilibrium interest rate (r*), trend inflation (π*), and term premia. Similar to Bauer and Rudebusch (2020, AER), π* and r …
Persistent link: https://www.econbiz.de/10012705391
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On secular stagnation and low interest rates : demography matters
Ferrero, Giuseppe; Groß, Marco; Neri, Stefano - 2017
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 both monetary policy and financial stability. This paper...
Persistent link: https://www.econbiz.de/10011697366
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Taylor-rule consistent estimates of the natural rate of interest
Brand, Claus; Mazelis, Falk - 2019
policy rules: we model inflation to be stationary, with the output gap pinning down deviations of inflation from its …
Persistent link: https://www.econbiz.de/10011994643
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Demographics and the natural real interest rate : historical and projected paths for the euro area
Papetti, Andrea - 2019
This paper employs an aggregate representation of an overlapping generation (OLG) model quantifying a decrease of the natural real interest rate in the range of -1.7 and -0.4 percentage points in the euro area between 1990 and 2030 due to demographics alone. Two channels contribute to this...
Persistent link: https://www.econbiz.de/10011994650
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House prices and ultra-low interest rates : exploring the non-linear nexus
Dieckelmann, Daniel; Hempell, Hannah S.; Jarmulska, Barbara - 2023
The acceleration of house price growth amidst falling interest rates to record-low levels across euro area countries between 2015 and 2021 has sparked renewed interest in the link between the two variables. Asset-pricing theory suggests that real house prices respond to changes in real interest...
Persistent link: https://www.econbiz.de/10013553574
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Price setting before and during the pandemic : evidence from Swiss consumer prices
Rudolf, Barbara; Seiler, Pascal - 2022
synchronized within rather than across stores. Time variations in inflation can be attributed mainly to variations in the frequency …
Persistent link: https://www.econbiz.de/10013448700
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Estimating the effects of fiscal policy in OECD countries
Perotti, Roberto (contributor) - 2002
Persistent link: https://www.econbiz.de/10001702818
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Are 'intrinsic inflation persistence' models structural in the sense of Lucas (1976)? 7 by Luca Benati
Benati, Luca - 2009
, Switzerland, and five inflation-targeting countries is compatible with such hypothesis. -- New Keynesian models ; inflation …Following Fuhrer and Moore (1995), several authors have proposed alternative mechanisms to 'hardwire' inflation … European Monetary Union, of inflation-targeting countries, and of the new Swiss monetary policy regime, I show that, in the …
Persistent link: https://www.econbiz.de/10003832590
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The natural real rate of interest in the euro area
Giammarioli, Nicola; Valla, Natacha - 2003
In this paper, we discuss the consequences of taking into account the variations of the natural real interest rate (r t *) in simple monetary policy rules. We also provide one possible model-based analysis of the level of r t * that has prevailed in the euro area since the early 1970s, and...
Persistent link: https://www.econbiz.de/10009635981
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Saving behaviour and global imbalances : the role of emerging market economies
Ferrucci, Gianluigi (contributor);  … - 2007
In recent years there has been considerable variation in saving patterns across countries and regions, with implications for the configuration of global current account balances, asset valuations and real interest rates. This paper looks at the empirical drivers behind these trends. It uses a...
Persistent link: https://www.econbiz.de/10003599655