全球智库信息集成服务系统(G2TT): Riders on the Storm

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26262
来源ID	Working Paper 26262
	Riders on the Storm
	Òscar Jordà; Alan M. Taylor
发表日期	2019-09-16
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	Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Finance ; History ; Macroeconomic History
URL	https://www.nber.org/papers/w26262
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/583935
推荐引用方式 GB/T 7714	Òscar Jordà,Alan M. Taylor. Riders on the Storm. 2019.