This paper compares the macroeconomic effects of unconventional monetary policy (UMP)
measures in the euro area (EA) and the United States (US) in a unified framework. Using …

Negative interest rate policies (NIRP) have become an established monetary policy
instrument in the toolkit of the ECB. We discuss NIRP in the euro area based on theoretical …

I investigate the downward drift of US interest rates from 1984: Q1 to 2019: Q4. For this, I
bring the workhorse two-country New Keynesian model to data on the US and an aggregate …

This article examines if professional forecasters form their expectations regarding the policy
rate of the European Central Bank (ECB) consistent with the Taylor rule. In doing so, we …

Using quarterly data for 10 OECD countries and the Euro area and a Kalman filtering
technique, we investigate the international co-movement among natural interest rates. We …

The equilibrium real interest rate is one of the most discussed variables in economics,
although it is unobservable. While it has been estimated with respect to various developed …

We conduct a Monte Carlo experiment using an ad-hoc New Keynesian model and a
tractable agent-based model to generate artificial credit cycle episodes. We show that …

We study the behaviour of real interest rate gaps—ie periods of real interest rates above
(below) the natural interest rate—and link their length with a set of key observable …

This article introduces a new measure to capture safe haven flows for twelve Euro area
countries. Since those flows are suspected to alter the natural rate of interest, which is at the …

This article compares two types of monetary policy rules-the Taylor-Rule and the
Orphanides-Rule-with respect to their forecasting properties for the policy rates of the …