Bericht
The natural rate of interest II: Empirical overview
The concept of the natural rate of interest (NRI) dates back to Wicksell (1898) and has since then been highly debated in the economic literature. In practice, estimates of the NRI can be employed as a versatile tool for macroeconomic analysis and are a core element within the popular neo-Wicksellian (or New-Keynesian) framework. The real rate gap, i.e. the difference between the actual interest rate and the NRI, provides valuable information about the state of the economy and can help policy makers to adjust the monetary policy stance. However, the NRI cannot be directly observed and has to be calculated from other economic data. While the empirical literature provides various estimation approaches, all of them are subject to serious measurement problems and yield fairly uncertain estimates. This Roundup reviews the advantages and shortcomings of the most popular measurement methods and presents an estimation of the NRI and the real rate gap based on the Laubach and Williams (2003) model.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Roundup: Politik im Fokus ; No. 109
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Chervyakov, Dmitry
König, Philipp Johann
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Bericht
Beteiligte
- Chervyakov, Dmitry
- König, Philipp Johann
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2017
Ähnliche Objekte (12)
The natural rate of interest I: Theory
The natural rate of interest and secular stagnation
Two tales of the natural rate of interest
Causes and consequences of corruption: An overview of empirical results
The natural rate of interest: Estimates, drivers, and challenges to monetary policy
The natural rate of interest II : Empirical overview
Margin and Funding Liquidity: An Empirical Analysis on the Covered Interest Parity in Korea
Norges Bank's Endogenous Interest Rate Path and Its Impact on Interest Rate Expectations
The Golden Interest Rule: Robust Simple Interest Rate Rules for the Norwegian Economy
The Neutral Real Interest Rate
Norwegian Overnight Interbank Interest Rates
Strategic public procurement: An overview
The natural rate of interest I: Theory
The natural rate of interest and secular stagnation
Two tales of the natural rate of interest
Causes and consequences of corruption: An overview of empirical results
The natural rate of interest: Estimates, drivers, and challenges to monetary policy
The natural rate of interest II : Empirical overview
Margin and Funding Liquidity: An Empirical Analysis on the Covered Interest Parity in Korea
Norges Bank's Endogenous Interest Rate Path and Its Impact on Interest Rate Expectations
The Golden Interest Rule: Robust Simple Interest Rate Rules for the Norwegian Economy
The Neutral Real Interest Rate
Norwegian Overnight Interbank Interest Rates
Strategic public procurement: An overview
The natural rate of interest I: Theory
The natural rate of interest and secular stagnation
Two tales of the natural rate of interest
Causes and consequences of corruption: An overview of empirical results
The natural rate of interest: Estimates, drivers, and challenges to monetary policy
The natural rate of interest II : Empirical overview
Margin and Funding Liquidity: An Empirical Analysis on the Covered Interest Parity in Korea
Norges Bank's Endogenous Interest Rate Path and Its Impact on Interest Rate Expectations
The Golden Interest Rule: Robust Simple Interest Rate Rules for the Norwegian Economy
The Neutral Real Interest Rate
Norwegian Overnight Interbank Interest Rates