| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13978 |
| DP13978 Riders on the Storm | |
| Oscar Jorda; Alan M. Taylor | |
| 发表日期 | 2019-09-02 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Interest rates in major advanced economies have drifted down and in greater unison over the past few decades. A country’s rate of interest can be thought of as reflecting movements in the global neutral rate of interest, the domestic neutral rate, and the stance of monetary policy. Only the latter is controlled by the central bank. Estimates from a state space New Keynesian model show that central bank policy explains less than half of the variation in interest rates. The rest of the time, the central bank is catching up to trends dictated by productivity growth, demography, and other factors outside of its control. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Neutral rate of interest Monetary policy stance State-space model Kalman filter |
| URL | https://cepr.org/publications/dp13978 |
| 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/542859 |
| 推荐引用方式 GB/T 7714 | Oscar Jorda,Alan M. Taylor. DP13978 Riders on the Storm. 2019. |
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