Safety, liquidity, and the natural rate of interest

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Bibliographic Details
Authors and Corporations:	Del Negro, Marco (Author), Giannone, Domenico (Author), Giannoni, Marc Paolo (Author), Tambalotti, Andrea (Author)
Other Authors:	Giannone, Domenico 1973- [Author] • Giannoni, Marc Paolo 1969- [Author] • Tambalotti, Andrea 1973- [Author]
Type of Resource:	E-Book
Language:	English
published:	New York, NY Federal Reserve Bank of New York [2017]
Series:	Federal Reserve Bank of New York: Staff reports ; no. 812 (May 2017)
Subjects:	Arbeitspapier Online-Publikation
Source:	Verbunddaten SWB Lizenzfreie Online-Ressourcen

Description
Summary:	Why are interest rates so low in the Unites States? We find that they are low primarily because the premium for safety and liquidity has increased since the late 1990s, and to a lesser extent because economic growth has slowed. We reach this conclusion using two complementary perspectives: a flexible time-series model of trends in Treasury and corporate yields, inflation, and long-term survey expectations, and a medium-scale dynamic stochastic general equilibrium (DSGE) model. We discuss the implications of this finding for the natural rate of interest.
Physical Description:	1 Online-Ressource (circa 82 Seiten); Illustrationen