National natural rates of interest and the single monetary policy in the euro area : National natural rates of interest and the single monetary policy in the euro area

Détails

ID Serval
serval:BIB_39D84E009DBC
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Institution
Titre
National natural rates of interest and the single monetary policy in the euro area : National natural rates of interest and the single monetary policy in the euro area
Périodique
Journal of Applied Econometrics
Auteur(s)
Fries S., Mésonnier J.-S., Mouabbi S., Renne J.-P.
ISSN
0883-7252
Statut éditorial
Publié
Date de publication
09/2018
Volume
33
Numéro
6
Pages
763-779
Langue
anglais
Résumé
We estimate time‐varying national natural real rates of interest (r∗) for the four largest economies of the euro area over 1999–2016. We further derive the associated national real interest rate gaps, which gauge the perceived monetary policy stance in each country. We find that the average r∗ have been lower after 2008. Furthermore, national r∗ were significantly negative in southern countries during the sovereign crisis. As their effective real rates soared, national rate gaps across the euro area diverged. However, a common policy stance has been restored since 2014 as the European Central Bank's unconventional programs gathered pace.
Web of science
Création de la notice
07/06/2019 9:11
Dernière modification de la notice
20/08/2019 14:29
Données d'usage