The role of the natural rate of interest in monetary policy

Literaturverz. S.746-749

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Bibliographische Detailangaben
Veröffentlicht in:	CESifo GmbH CESifo economic studies
1. Verfasser:	Amato, Jeffrey D. (VerfasserIn)
Format:	UnknownFormat
Sprache:	eng
Veröffentlicht:	2005
Schlagworte:	Geldpolitik > Zinspolitik > Zinstheorie > Neoklassische Synthese > Theorie > Aufsatz in Zeitschrift
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Beschreibung
Zusammenfassung:	Literaturverz. S.746-749 This paper examines the role of the natural rate of interest in the conduct of monetary policy. The natural rate figures prominently in many theories of the business cycle and of inflation fluctuations, and therefore has the potential to play a key role in monetary policy given the current mandates of many central banks. However, the presence of financial imperfections and measurement uncertainty draw into question whether estimates of the natural rate can be reliable indicators of excess demand pressures. Natural rate-based theories may, nonetheless, provide useful guidance in the formulation of desirable monetary policies.
Beschreibung:	graph. Darst
ISSN:	1610-241X