The Resource Lower for longer : neutral rates in the United States, prepared by Andrea Pescatori and Jarkko Turunen

Lower for longer : neutral rates in the United States, prepared by Andrea Pescatori and Jarkko Turunen

Label
Lower for longer : neutral rates in the United States
Title
Lower for longer
Title remainder
neutral rates in the United States
Statement of responsibility
prepared by Andrea Pescatori and Jarkko Turunen
Creator
Contributor
Author
Subject
Language
eng
Summary
We use a semi structural model to estimate neutral rates in the United States. Our Bayesian estimation incorporates prior information on the output gap and potential output (based on a production function approach) and accounts for unconventional monetary policies at the ZLB by using estimates of "shadow" policy rates. We find that our approach provides more plausible results than standard maximum likelihood estimates for the unobserved variables in the model. Results show a significant trend decline in the neutral real rate over time, driven only in part by a decline in potential growth whereas other factors (including excess global savings) matter. Neutral rates likely turned negative during the Global Financial Crisis and are expected to increase only gradually looking forward.--Abstract
Member of
Cataloging source
DJB
Dewey number
332.743
Government publication
international or intergovernmental publication
Illustrations
illustrations
Index
no index present
LC call number
HG3881.5.I58
LC item number
W67 No. 15/135eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
IMF working paper
Series volume
WP/15/135
Label
Lower for longer : neutral rates in the United States, prepared by Andrea Pescatori and Jarkko Turunen
Publication
Note
  • "June 2015."
  • "Western Hemisphere Department."
Bibliography note
Includes bibliographical references (pages 19-20)
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
ocn912414914
Extent
1 online resource (22 pages)
Form of item
online
Isbn
9781513582825
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
color illustrations
http://library.link/vocab/recordID
.b36241118
Specific material designation
remote
System control number
  • (OCoLC)912414914
  • imf1513504223

Library Locations

    • Deakin University Library - Geelong Waurn Ponds CampusBorrow it
      75 Pigdons Road, Waurn Ponds, Victoria, 3216, AU
      -38.195656 144.304955
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