- Tytuł:
- Measuring the Natural Rates of Interest in Germany and Italy
- Autorzy:
- Bystrov, Victor
- Powiązania:
- https://bibliotekanauki.pl/articles/2076225.pdf
- Data publikacji:
- 2018
- Wydawca:
- Polska Akademia Nauk. Czytelnia Czasopism PAN
- Tematy:
-
natural rate of interest
potential output
euro area
state-space model
Kalman filter - Opis:
- In this paper a semi-structural econometric model is implemented in order to estimate the natural rates of interest in two large economies of the Euro Area: Germany an Italy. The estimates suggest that after the financial crisis of 2007–2008 a decrease of the growth rate of potential output and the corresponding natural rate of interest was greater in Italy than in Germany which could have had important implications for the effectiveness of a common monetary policy. Unlike in other studies, it is found that the monetary policy stance was less expansionary in Italy as compared to Germany for the whole after-crisis period.
- Źródło:
-
Central European Journal of Economic Modelling and Econometrics; 2018, 4; 333-353
2080-0886
2080-119X - Pojawia się w:
- Central European Journal of Economic Modelling and Econometrics
- Dostawca treści:
- Biblioteka Nauki
Artykuł