Template-Type: ReDIF-Article 1.0
Author-Name: Gianluca Benigno
Author-Name: Boris Hofmann
Author-Name: Galo Nuño Barrau
Author-Name: Damiano Sandri
Title: Quo vadis, r*? The natural rate of interest after the pandemic
Abstract: Where is the natural rate of interest? How has it evolved? And where is it heading? In core advanced economies, several estimates of the natural rate have edged up. Shifts in the saving-investment balance and a more inflationary environment, which elicited a strong monetary policy response, may have been factors raising r* and perceptions thereof. The measurement of r* is, however, surrounded by very high uncertainty, making it a blurry guidepost for monetary policy.
Journal: BIS Quarterly Review
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2403b.pdf
File-Format: Application/pdf
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2403b.htm
File-Format: text/html
Year: 2024
Month: March
Classification-JEL: E40, E43, E52, E58
Handle: RePEc:bis:bisqtr:2403b