Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152667
Authors: 
Giammarioli, Nicola
Valla, Natacha
Year of Publication: 
2003
Series/Report no.: 
ECB Working Paper 233
Abstract: 
In this paper, we discuss the consequences of taking inot account the variations of the natural real interest rate (rt*) in simple monetary policy rules. We also provide one possible model-based analysis of the level of rt* that has prevailed in the euro area since the early 1970s, and present the implied 'real rate rate gap' as a possible additional indicator to assess the stance of monetary policy.
Subjects: 
euro area
monetary policy
Natural rate of interest
JEL: 
E4
E5
Document Type: 
Working Paper

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