The Natural Rate of Interest and Its Usefulness for Monetary Policy
By Robert B. Barsky, Alejandro Justiniano, Leonardo Melosi. 2014
136 citations recorded by the source corpus.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/b57641c41ebc016e43a0affdac3e289687c9dd34
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Economics and Econometrics
- Leonardo Melosi
- Alejandro Justiniano
- John C. Williams
- Jonas D. M. Fisher
- Jonas D. M. Fisher
- Jeffrey R. Campbell
- James D. Hamilton
- Thomas Laubach
Citations in the corpus
- On the Structural Interpretation of the Smets-Wouters 'Risk Premium' Shock (2015, methodology): “Recent incarnations of the SW model used by Barsky, Justiniano, and Melosi (2014) and Christiano, Eichenbaum, and Trabandt (2014) find this shock is particularly important for post-2008 dynamics.”
- Forward Guidance and Macroeconomic Outcomes since the Financial Crisis (2016, background): “Third, as discussed by Barsky, Justiniano, and Melosi (2014) and Justiniano et al. (2013) it tends to reduce the trade-off between inflation and output stabilization which is a key factor driving whether or not the ZLB is binding in New Keynesian models.”
- The Equilibrium Real Funds Rate: Past, Present, and Future (2016, background): “Empirical estimates of the New Keynesian models such as Barsky et al. (2014) and Curdia et al. (2014) find considerable variation in the natural rate of interest.”
- Has U.S. Monetary Policy Tracked the Efficient Interest Rate (2014, unknown): “Barsky et al. (2014) discuss the relationship between natural and efficient equilibria in New Keynesian models and the neutral rate of interest in Wicksell (1898). Justiniano et al. (2013) connect these concepts to optimal policy.”
- Measuring the Natural Rate of Interest: International Trends and Determinants (2016, background): “…1For earlier studies on the natural rate of interest in the Euro Area, see Giammariou and Valla (2003), and Mésonnier and Renne (2007). in the natural rate of interest, assuming the longer-run value is constant (Neiss and Nelson 2003, Woodford 2003, Andres et al., 2009, Barsky et al., 2014).”