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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
growth, a phenomenon known as secular stagnation? We tackle this question by estimating equilibrium real interest rates and … a period of secular stagnation. … Wirtschaftswachstums, ein Phänomen, welches unter dem Namen säkulare Stagnation bekannt ist? Wir widmen uns dieser Frage, indem wir …
Persistent link: https://www.econbiz.de/10011799334
Is secular stagnation - a period of persistently lower growth such as that seen following the financial crisis of 2008 … twelve euro-area countries to provide country-level answers to the question of secular stagnation. The presence of secular … stagnation in a number of euro-area countries has important implications for ECB decision-making (i.e., voting power in the …
Persistent link: https://www.econbiz.de/10011761807
Is secular stagnation a valid concern for Euro Area countries? We tackle this question using the well … extensive since the beginning of the financial crisis. Hence, the question of secular stagnation has to be answered at the … country level. Our results indicate that secular stagnation does not appear to be a significant threat to most Euro Area …
Persistent link: https://www.econbiz.de/10011500118
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
This paper estimates the natural real interest rate that is consistent with stable inflation and output at its potential for the euro area and Luxembourg. The natural interest rate provides a benchmark for assessing the monetary policy stance, as policy is contractionary when real interest rates...
Persistent link: https://www.econbiz.de/10014052407
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
Persistent link: https://www.econbiz.de/10013261158
In this paper, the structural vector autoregression methodology is used to decompose the euro area nominal short-term interest rate into an expected inflation and an ex-ante real interest rate component. The latter may be a useful indicator of the monetary policy stance of the ECB. To this end,...
Persistent link: https://www.econbiz.de/10011476385