| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11264 |
| DP11264 Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations | |
| Volker Wieland; John Taylor | |
| 发表日期 | 2016-05-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Recently there has been an explosion of research on whether the equilibrium real interest rate has declined, an issue with significant implications for monetary policy. A common finding is that the rate has declined. In this paper we provide evidence that contradicts this finding. We show that the perceived decline may well be due to shifts in regulatory policy and monetary policy that have been omitted from the research. In developing the monetary policy implications, it is promising that much of the research approaches the policy problem through the framework of monetary policy rules, as uncertainty in the equilibrium real rate is not a reason to abandon rules in favor of discretion. But the results are still inconclusive and too uncertain to incorporate into policy rules in the ways that have been suggested. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Equilibrium real interest rate Interest rate rules |
| URL | https://cepr.org/publications/dp11264 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540081 |
| 推荐引用方式 GB/T 7714 | Volker Wieland,John Taylor. DP11264 Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations. 2016. |
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