dc.contributor.author Bernhardsen, Tom dc.date.accessioned 2018-08-09T07:37:35Z dc.date.available 2018-08-09T07:37:35Z dc.date.issued 2005 dc.identifier.isbn 82-7553-289-2 dc.identifier.issn 1504-2596 dc.identifier.uri http://hdl.handle.net/11250/2508136 dc.description.abstract The topic for this paper is the so called neutral real interest rate. This is frequently defined as nb_NO the level of the real interest rate consistent with stable inflation and production equal to potential production. Hence the neutral real interest rate is a benchmark for evaluating monetary policy. While the real interest rate should be set above the neutral real interest rate in cyclical upturns, it should take a level below in recessions. In principle then, to be able to assess the degree of policy accommodation, knowing the level of the neutral real interest rate is as important as knowing the real interest rate. Moreover, the neutral real interest rate is not constant over time. In contrast, it depends on the structure of the economy. A decline in the neutral real interest rate implies that, for a given real interest rate, monetary policy is less expansionary. In isolation, a decline in the neutral real interest rate demands a lower nominal interest rate to maintain the monetary policy stance. dc.language.iso eng nb_NO dc.publisher Norges Bank nb_NO dc.relation.ispartofseries Staff Memo;1/2005 dc.rights Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal * dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no * dc.title The Neutral Real Interest Rate nb_NO dc.type Working paper nb_NO dc.subject.nsi VDP::Samfunnsvitenskap: 200::Økonomi: 210 nb_NO dc.source.pagenumber 25 nb_NO
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