Format:
1 Online-Ressource (circa 26 Seiten)
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ISBN:
9781498311410
Series Statement:
IMF working paper WP/19, 95
Content:
We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate-i.e. the interest rate consistent with output at its potential and constant inflation. An important implication of our analysis is that increased competition in goods and labor market since the 1970s can help explain both the large increase in real interest rates up to the mid-1980s and-as globalization forces mature and may even go into reverse, leading to incrementally rising market power-its subsequent and protracted decline accompanied by lower inflation. The analysis has important implications for monetary policy and the optimal pace of normalization
Additional Edition:
Erscheint auch als Druck-Ausgabe Natal, Jean-Marc Globalization, Market Power, and the Natural Interest Rate Washington, D.C. : International Monetary Fund, 2019 ISBN 9781498311410
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781498311410.001
URL:
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URL:
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