Скачать с ютуб Estimating the Natural Rate of Interest for Small Open Economies в хорошем качестве

Estimating the Natural Rate of Interest for Small Open Economies

This paper estimates the natural interest rate for six small open economies (Australia, Canada, South Korea, Sweden, Switzerland, and the U.K.) with a structural New Keynesian model using Bayesian techniques. We show that over the past 35 years, the natural interest rates in all six countries have shifted downwards and strongly comoved with each other. Moreover, our findings illustrate that foreign output shocks (spillovers from the rest of the world) are a major contributor to the dynamics of the natural rate in these six small open economies, and that natural rates comove strongly with the estimated U.S. natural rates. Read more about this paper here: https://doi.org/10.24149/gwp359