The Equilibrium Real Funds Rate: Past, Present, and Future

By James D. Hamilton, E. Harris, J. Hatzius, Ken West. IMF Economic Review, 2016

279 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/f49423111d1f0b14b13175788767e4219e93020f

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In Economics and Econometrics

Citations in the corpus

Global trends in interest rates (2018, unknown): “Holston et al. (2017) estimate r∗ using international data, in their case for the U.”
Some Evidence on Secular Drivers of US Safe Real Rates (2017, unknown): “For example, a first order condition similar to (1) is ubiquitous in such models; even when (1) is generalized to allow features such as habit persistence there is still a link between trend growth and low frequency movement in r (see Hamilton et al. (2016)). Some such models include technology shoc”
Safety, Liquidity, and the Natural Rate of Interest (2017, background): “, Hamilton et al., 2015). Intuitively, this relationship can only go so far in accounting for the secular decline in rates over the last few decades, even if it fits the low growth and low rates environment of the last few years, since rates were high in the 1970s and 1980s, when productivity growth”
Necessity As the Mother of Invention: Monetary Policy after the Crisis (2017, methodology): “Hamilton et al. (2015), however, emphasize the large uncertainty around such estimates.”
Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Aairs Federal Reserve Board, Washington, D.C. Measuring the Natural Rate of Interest Redux (2016, unknown): “As discussed by Bomfim (1997), Laubach and Williams (2003), Congressional Budget Office (2014), International Monetary Fund (2014), Council of Economic Advisers, 2015, Hamilton et al. (2015), and Pescatori and Turunen (2015), there are myriad influences on the natural rate, including, but not limite”
Are Low Real Interest Rates Here to Stay (2017, result): “If so, the global neutral 2This is consistent with the finding that historically there is only a weak relationship between realized GDP growth and the real interest rate—see Hamilton et al. (2015). rate may stay low, settling at around 1 percent over the medium to long run.”
Demographics and Real Interest Rates: Inspecting the Mechanism (2016, background): “On the other side of the debate, Hamilton et al. (2015) find little evidence of the permanent nature of the decline in global real interest rates.”