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Growth prospects, the natural interest rate, and monetary policy

Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining … persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion …

Persistent link: https://www.econbiz.de/10011976123

Growth prospects, the natural interest rate, and monetary policy

Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019

Persistent link: https://www.econbiz.de/10012022449

Monetary Policy and Economic Performance Since the Financial Crisis

Caldara, Dario; Gagnon, Etienne; Martínez-García, Enrique - 2020

We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve’s dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound....

Persistent link: https://www.econbiz.de/10014048774

Monetary Policy and Economic Performance Since the Financial Crisis

Caldara, Dario; Gagnon, Etienne; Martínez-García, Enrique - 2021

We review the macroeconomic performance during the Global Financial Crisis and subsequent economic expansion, as well as the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate...

Persistent link: https://www.econbiz.de/10013323823

Monetary Policy and Economic Performance Since the Financial Crisis

Caldara, Dario - 2020

The analysis in this paper was presented to the Federal Open Market Committee as background for its discussion of the Federal Reserve's review of monetary policy strategy, tools, and communication practices. The Committee discussed issues related to the review at five consecutive meetings from...

Persistent link: https://www.econbiz.de/10012824115

Reliable real-time output gap estimates based on a modified Hamilton filter

Quast, Josefine; Wolters, Maik H. - 2020

estimated trend. Based on output growth and inflation forecasts and a comparison to revised output gap estimates from policy …

Persistent link: https://www.econbiz.de/10012233667

Investigating the inflation-output-nexus for the euro area : old questions and new results

Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - 2023

The relationship between inflation and real GDP growth is one of the most widely researched topics in macroeconomics …, given the fact that low inflation in combination with high and sustained output growth should be the central objective of … banks all over the world have selected target levels for inflation and communicated them to the public. Against this …

Persistent link: https://www.econbiz.de/10014305101

Population growth, the natural rate of interest, and inflation

Weiske, Sebastian - 2019

population growth has lowered both the natural rate and inflation by about 0.4 percentage points in recent decades. …

Persistent link: https://www.econbiz.de/10011980508

Estimates of Potential Output and the Neutral Rate for the U.S. Economy

Alichi, Ali - 2018

Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with significant uncertainty and subject to significant revisions. This paper extends the structural multivariate filter methodology by adding a...

Persistent link: https://www.econbiz.de/10012913892

Does low inflation pose a risk to economic growth and central banks reputation?

Dąbrowski, Marek - 2020

Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic … growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the … reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they …

Persistent link: https://www.econbiz.de/10012230450