natural interest rates,while financial factors and open conditions also play important roles.In particular,shocks in the financial markets and the external economic environment in recent years are important reasons for the decline of China's natural interest rate.Therefore,it is necessary to strengthen...
Interest rate market risk faced by China’s commercial banks is increasing after the announcement that the interest rate marketisation is completed. This paper examines the Value-at-Risk, and statistical properties in the daily price return of Shanghai banks’ overnight offered rate. The study appl...
Natural rate of output Monetary policy rules Kalman filter Trend growth 1. Introduction Since Knut Wicksell introduced in 1898 the idea of the natural rate of interest – which we define to be the real short-term interest rate consistent with output equaling its natural rate and constant inflatio...
In this paper, we discuss the consequences of taking inot account the variations of the natural real interest rate (rt*) in simple monetary policy rules. We also provide one possible model-based analysis of the level of rt* that has prevailed in the euro area since the early 1970s, and...
natural rate of interestoutput gapfinancial cycleKalman filtermonetary policyI extend the model of Laubach and Williams (2003) by introducing an explicit role for the financial cycle in the joint estimation of the natural rates of intereSocial Science Electronic Publishing...
The Natural Rate of Interest is Zero, Warren Mosler & Mathew ForstaterForstater, M. and Mosler, W. (2005), "The natural rate of interest is zero," Journal of Economic Issues, XXXIX (2), 535 - 542.Forstater, M., and Mosler, W., `The Natural Rate of Interest Is Zero' Journal of...
whereby the future generation is effectively-being taxed in terms of degraded natural environment for cheaper consumer goods for this generation. For the same reason, debt stock has been on the rise in most economies, i.e., for ADs in the immediate aftermath of the GFC, and for MEs during...
We waived interest payments on government-subsidized student loans to college graduates with financial difficulties and granted extensions on the principal repayments for these loans. We provided emergency assistance to people hit hard by the epidemic or natural disasters, thus ensuring that the basic ...
An important implication is that monetary policy has no influence on real interest rates in the long run. The real rate is pinned down by equilibrium in the goods market independently of monetary policy. This rate is the so-called natural rate of interest, or “r-star”. ...
We waived interest payments on government-subsidized student loans to college graduates with financial difficulties and granted extensions on the principal repayments for these loans. We provided emergency assistance to people hit hard by the epidemic or natural disasters, thus ensuring that the basic ...