Quo vadis, r*? The natural rate of interest after the pandemic

Gianluca Benigno, Boris Hofmann, Galo Nuño Barrau and Damiano Sandri

BIS Quarterly Review, 2024

Abstract: Where is the natural rate of interest? How has it evolved? And where is it heading? In core advanced economies, several estimates of the natural rate have edged up. Shifts in the saving-investment balance and a more inflationary environment, which elicited a strong monetary policy response, may have been factors raising r* and perceptions thereof. The measurement of r* is, however, surrounded by very high uncertainty, making it a blurry guidepost for monetary policy.

JEL-codes: E40 E43 E52 E58 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (4)

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