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Have international developments lowered the neutral rate?

Author

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  • Owen F. Humpage

Abstract

One way to think about monetary policy is in terms of a neutral federal funds rate, one that exerts neither inflationary nor deflationary pressures. Recent declines in worldwide investment, coupled with the growing globalization of financial markets suggest that the neutral rate may be lower than the current stance of monetary policy and the stage of the business cycle may lead one to believe.

Suggested Citation

  • Owen F. Humpage, 2005. "Have international developments lowered the neutral rate?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Dec.
    • Handle: RePEc:fip:fedcec:y:2005:i:dec
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    Cited by:

    1. Michal Brzoza-Brzezina & Jesús Crespo-Cuaresma, 2007. "Mr. Wicksell and the global economy: What drives real interest rates?," Working Papers 2007-06, Faculty of Economics and Statistics, Universität Innsbruck.
    2. repec:onb:oenbwp:y::i:139:b:1 is not listed on IDEAS

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