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We jointly estimate the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output for the Euro area, the United States, Sweden, Australia, and the United Kingdom. Particular attention is paid to time-variation in (i) the data-generation process for...
Persistent link: https://www.econbiz.de/10013316896
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The European Central Bank (ECB) strives to maintain inflation at a 2% target rate, yet the Euro area's diverse economies pose challenges to achieving this goal with a single nominal interest rate. Effective monetary policy transmission hinges on synchronizing the Natural Rate of Interest (NRI)...
Persistent link: https://www.econbiz.de/10014631143
Persistent link: https://www.econbiz.de/10014391442
We jointly estimate the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output for the Euro area, the United States, Sweden, Australia, and the United Kingdom. Particular attention is paid to time-variation in (i) the data-generation process for...
Persistent link: https://www.econbiz.de/10011604843
Persistent link: https://www.econbiz.de/10011789302
Persistent link: https://www.econbiz.de/10013176833
growth, a phenomenon known as secular stagnation? We tackle this question by estimating equilibrium real interest rates and … face a period of secular stagnation. …
Persistent link: https://www.econbiz.de/10011894437
growth, a phenomenon known as secular stagnation? We tackle this question by estimating equilibrium real interest rates and … a period of secular stagnation. …
Persistent link: https://www.econbiz.de/10012131206
of secular stagnation, we estimate the natural rate including those flows explicitly. It is shown that adding this … measure indeed changes the estimated natural rate and thus the degree of evidence of secular stagnation in various countries … Themas säkulare Stagnation steht, schätzen wir den natürlichen Zinssatz in einem Modell mit Safe Haven Flüssen. Es wird …
Persistent link: https://www.econbiz.de/10012134351