Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/153323 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
ECB Working Paper No. 889
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We analyze the properties of the natural rate of interest in an economy where nominal debt contracts generate a spread between loan rates and the policy interest rate. In our model, monetary policy has real effects in the flexible-price equilibrium, because it affects the credit spread. Relying on a definition suitable for this environment, we demonstrate that: (i) the natural rate is independent of monetary policy and (ii) it delivers price stability, if used as the intercept of a monetary policy rule. The second result holds exactly if real balances are remunerated at a constant spread below policy interest rates, approximately otherwise. We also highlight, however, that the natural rate is not robust to model un-certainty. The natural rate reacts differently to aggregate shocks - not only quantitatively but also qualitatively - depending on the underlying model assumptions (e.g. whether or not financial markets are frictionless).
Schlagwörter: 
credit frictions
monetary policy
Natural rate of interest
JEL: 
E40
E50
G10
Dokumentart: 
Working Paper

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