Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Subject "Effective lower bound"

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Should the ECB adjust its strategy in the face of a lower r*?

Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2021-04-13)

We address this question using an estimated New Keynesian DSGE model of the Euro Area with trend inflation, imperfect indexation, and a lower bound on the nominal interest rate. In this setup, a decrease in the steady-state ...
The optimal inflation target and the natural rate of interest

Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2019-10-07)

We study how changes in the steady-state real interest rate (henceforth, r*) affect the optimal inflation target in a New Keynesian DSGE model with trend inflation and a lower bound on the nominal interest rate. In this ...

Now showing items 1-2 of 2

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