NDLI: Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment

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Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment

Content Provider	Scilit
Author	Levrero, Enrico
Copyright Year	2019
Description	Journal: SSRN Electronic Journal Starting with the literature on the estimates of the natural rate of interest, this paper critically analyzes the modern practice of identifying the benchmark rate of monetary policy with an equilibrium or neutral interest rate reflecting “fundamental forces” unaffected by monetary factors. After briefly mentioning the determinants of the natural rate of interest in the New- Keynesian models, the paper discusses the different notions of it that we find in these models and the problems encountered when the natural rate is estimated. It states that these problems are not only related to the difficulties in distinguishing the kind and persistency of economic shocks, but pertain to theory, namely to model specification and the alleged independence of the average or normal interest rate from monetary policy. Following Keynes’s suggestion regarding the monetary nature of interest rates, some final remarks will thus be advanced on their effects on prices and income distribution as well as on the objectives and stance of monetary policies.
Related Links	https://www.ineteconomics.org/uploads/papers/WP_88-Levrero-Natural-Interest-Rates.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3346756
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3346756
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2019-01-01
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Social Sciences, Interdisciplinary Natural Rates of Interest Structural and Semi-structural Models Monetary Policies Interest Rates and Income Distribution
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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