TY  - UNPD
A1  - Taylor, John B.
A1  - Wieland, Volker
T1  - Finding the equilibrium real interest rate in a fog of policy deviations
T2  - Working paper series / Institute for Monetary and Financial Stability ; 103
N2  - Recently there has been an explosion of research on whether the equilibrium real interest rate has declined, an issue with significant implications for monetary policy. A common finding is that the rate has declined. In this paper we provide evidence that contradicts this finding. We show that the perceived decline may well be due to shifts in regulatory policy and monetary policy that have been omitted from the research. In developing the monetary policy implications, it is promising that much of the research approaches the policy problem through the framework of monetary policy rules, as uncertainty in the equilibrium real rate is not a reason to abandon rules in favor of discretion. But the results are still inconclusive and too uncertain to incorporate into policy rules in the ways that have been suggested.
T3  - Working paper series / Institute for Monetary and Financial Stability - 103 
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/40204
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-402045
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/IMFS_WP/IMFS_WP_103.pdf
N1  - This paper is based in part on results presented at the NABE Panel “The Equilibrium Real Interest Rate—Theory, Measurement, and Use in Monetary Policy” organized by George Kahn at the ASSA meeting in San Francisco on January 3, 2016.
PB  - Johann Wolfgang Goethe-Univ., Inst. for Monetary and Financial Stability
CY  - Frankfurt am Main
ER  -