The natural rate of interest (𝑟∗) is the real interest rate that is neutral to the economy and
prices, and is one of the benchmarks for evaluating the stance of monetary policy. 𝑟∗ …

Where is the natural rate of interest? How has it evolved? And where is it heading? In core
advanced economies, several estimates of the natural rate have edged up. Shifts in the …

The so-called equilibrium or natural rate of interest, widely known as r∗ t, is a key variable
used to judge the stance of monetary policy. We offer a novel euro-area estimate based on a …

This paper assesses the impact of an orderly environmental transition (ET) on the Euro area
natural rate of interest (r*), which is a key benchmark for monetary policy, financing …

This paper examines the impact of rising interest rates on central bank profitability. Using a
stylized income model, we demonstrate that changes in interest rates in combination with …

Central banks routinely analyse measures of inflation expectations to gain insights into the
private sector's perspectives on inflation developments and to evaluate the credibility of …

This report was prepared by Tianxiao Zheng (lead) and Ben Park, under the guidance and
supervision of Helge Berger and Stephan Danninger. It includes contributions from Oyun …

In this paper, the ECB monetary policy stance is assessed by comparing the recent
tightening cycle (2022-today) with the two preceding ones, which took place in 2000-2001 …

The views expressed are those of the authors and do not necessarily reflect those of the
Federal Reserve Bank of San Francisco or those of the Banque de France or the …