自然利率和货币政策的动态

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-22 DOI:10.1016/j.frl.2024.106475

Karen Davtyan

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引用次数: 0

摘要

本文研究了欧元区和美国在常规货币政策（CMP）和非常规货币政策（UMP）时期的货币政策利率与自然利率的关系。以评估政策利率与自然利率关系的月频率估计自然利率的未观测时间序列。结果表明，政策利率动态与自然利率变化呈显著正相关。在非常规货币政策时期，这种关系发生了扭曲。

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Dynamics of the natural rate of interest and monetary policy

This paper studies the relation between the monetary policy rate and the natural rate of interest in the euro area and the United States across the periods of conventional monetary policy (CMP) and unconventional monetary policy (UMP). The unobserved time series of the natural rate of interest is estimated at the monthly frequency at which the relation between the policy rate and the natural rate is evaluated. The results indicate that the dynamics of the policy rate was positively and significantly related to the variations in the natural rate during the CMP period. The relation twisted during the UMP period.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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