References
- 1. Ajello, A., Laubach, T., Lopez-Salido, D. and Nakata, T. (2019) Financial Stability and Optimal Interest Rate Policy. International Journal of Central Banking 15(1): 279-326.
- 2. Asanović, Ž. (2020) Essay on Finance-Growth Nexus. Journal of Central Banking Theory and Practice 1: 97-109.10.2478/jcbtp-2020-0006
- 3. Basistha, A. (2007) Trend-cycle correlation, drift break and the estimation of trend and cycle in Canadian GDP (Corrélation tendance-cycle, discontinuité, et estimation de la tendance et du cycle dans le PIB canadien). Can J Econ 40(2):584−606.
- 4. Belke, A. and Klose, J. (2019) Equilibrium real interest rates and the financial cycle: Empirical evidence for Euro area member countries. Economic Modelling https://doi.org/10.1016/j.econmod.2019.04.02510.1016/j.econmod.2019.04.025
- 5. Berg, A., Karam, P. and Laxton, D. (2006) A practical model-based approach to monetary policy analysis − overview. IMF Working Paper WP/06/80.10.2139/ssrn.901871
- 6. Bernanke, B. (2005) The global saving glut and the U.S. current account deficit. Remarks at the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia, 10 March.
- 7. Borio, C. and Disyatat, P. (2014) Low interest rates and secular stagnation: is debt a missing link? VoxEU, 25 June.
- 8. Borio, C., Disyatat, P., Juselius, M. and Rungcharoenkitkul, P. (2017) Why so low for so long? A long-term view of real interest rates? BIS Working Papers No. 685.
- 9. Borio, C., Disyatat, P., Juselius, M. and Rungcharoenkitkul, P. (2018) Monetary policy in the grip of a pincer movement BIS Working Papers No. 706.
- 10. Borio, C., Disyatat, P. and Rungcharoenkitkul, P. (2019) What anchors for the natural rate of interest? BIS Working Papers No. 777.
- 11. Broadbent, B. (2014) Monetary policy, asset prices and distribution. Speech given at the Society of Business Economists Annual Conference, Bank of England.
- 12. Caballero, R., Farhi, E. and Gourinchas, P. (2008) An equilibrium model of ‘global imbalances’ and low interest rates. Amer Econ Rev 98(1):358–393.10.1257/aer.98.1.358
- 13. Caiani, A., Godin, A., Caverzasi, E., Gallegati, M., Kinsella, S. and Stiglitz, J. (2016) Agent-based stock flow consistent macroeconomics: towards a benchmark model. J Econ Dynam Control 69:375–408.10.1016/j.jedc.2016.06.001
- 14. Canzoneri, M., Collard, F., Dellas, H. and Diba, B. (2016) Fiscal multipliers in recessions. The Econ Journal 126: 75–10810.1111/ecoj.12304
- 15. Carriero, A., Galvao, A.B. and Marcellino, M. (2018) Credit conditions and the effects of economic shocks: amplifications and asymmetries. EMF Research Papers 17. Economic Modelling and Forecasting Group.
- 16. Carvalho, C., Ferrero, A. and Nechio, F. (2016) Demographics and real interest rates: inspecting the mechanism. Federal Reserve Bank of San Francisco Working Papers, no. 2016-5.
- 17. Chiarella, C. and Di Guilmi, C. (2017) Monetary policy and debt deflation: some computational experiments. Macroecon Dynam 21:214–242.10.1017/S1365100515000450
- 18. Curdia, V., Del Negro, M. and Greenwald, D. (2014). Rare shocks, great recessions. J Appl Econom 29: 1031–105210.1002/jae.2395
- 19. Dosi, G., Fagiolo, G., Napoletano, M. and Roventini, A. (2013) Income distribution, credit and fiscal policies in an agent-based keynesian model. J Econ Dynam Control 37(8): 1598–1625.10.1016/j.jedc.2012.11.008
- 20. Fagiolo, G. and Roventini, A. (2017) Macroeconomic policy in DSGE and agent-based models redux: new developments and challenges ahead. Journal of Artificial Societies and Social Simulation 20(1):1–1.10.18564/jasss.3280
- 21. Fernandez-Villaverde, J. and Levintal, O. (2016) Solution methods for models with rare disasters. Working Paper 21997, National Bureau of Economic Research10.3386/w21997
- 22. Gagnon, E., Johannsen, K. and Lopez-Salido, D. (2016) Understanding the new normal: the role of demographics. Finance and Economics Discussion Series, no. 2016-080. Federal Reserve Board.10.17016/FEDS.2016.080
- 23. Gerba, E. and Żochowski, D. (2017). Knightian Uncertainty and Credit Cycles. ECB Working Paper 2068.
- 24. Gonzalez-Astudillo, M., Roberts, J.M. (2016) When can trend-cycle decompositions be trusted? Finance and Economics Discussion Series 2016-099. Washington: Board of Governors of the Federal Reserve System.10.17016/FEDS.2016.099
- 25. Gross, M., Henry, J. and Semmler, W. (2017) Destabilizing effects of bank overleveraging on real activity – an analysis based on a thresholds MCSGVAR. Macroecon Dynam 1–19.
- 26. Haldane, A. and Turrell, A. (2018) An interdisciplinary model for macroeconomics. Oxford Rev Econ Pol 34(1−2):219–251.10.1093/oxrep/grx051
- 27. Holston, K., Laubach, T. and Williams, J. (2017) Measuring the natural rate of interest: international trends and determinants. J Int Econ 108:S59–S75.10.1016/j.jinteco.2017.01.004
- 28. Jakab, Z. and Kumhof, M. (2015). Banks are not Intermediaries of Loanable Funds – And why this Matters, Bank of England Working Papers 529.10.2139/ssrn.2612050
- 29. Juselius, M., Borio, C., Disyatat, P. and Drehmann, M. (2017) Monetary policy, the financial cycle and ultra-low interest rates. International Journal of Central Banking 13(3):55–89.
- 30. Justiniano, A. and Primiceri, E. (2010) Measuring the equilibrium real interest rate. Federal Reserve Bank of Chicago Economic Perspectives 34(1):14–27.
- 31. Krustev, G. (2018) The natural rate of interest and the financial cycle. ECB Working Paper Series No. 2168.10.2139/ssrn.3212674
- 32. Laubach, T. and Williams, J.C. (2003) Measuring the natural rate of interest. Rev Econ Statist 85(4):1063–1070.10.1162/003465303772815934
- 33. Laubach, T. and Williams, J.C. (2016) Measuring the natural rate of interest redux. Bus Econ 51:257–267.10.1057/be.2016.23
- 34. Lubik, T.A. and Matthes, C. (2015) Calculating the Natural Rate of Interest: A Comparison of Two Alternative Approaches. Richmond Fed Economic Brief (October): 1–6.
- 35. Metiu, N., Hilberg, B. and Grill, M. (2015) Financial frictions and global spillovers. Deutsche Bundesbank Discussion Paper No. 04/2015.10.2139/ssrn.2797029
- 36. Nain, Z. and Kamaiah, B. (2020) Monetary Policy after the Great Moderation. Journal of Central Banking Theory and Practice (special issue): 5-26.
- 37. Nelson, C.R. (1988) Spurious Trend and Cycle in the State Space Decomposition of a Time Series with a Unit Root. J Econ Dynam Control 12 (2−3): 475−488.10.1016/0165-1889(88)90051-6
- 38. Peña, G. (2020) Monetary Policy after the Great Moderation. Journal of Central Banking Theory and Practice 3: 5-26.10.2478/jcbtp-2020-0033
- 39. Raberto, M., Tegli, A. and Cincotti, S. (2012) Debt Deleveraging and Business Cycles. An Agent-Based Perspective. Economics: The Open-Access, Open-Assessment E-Journal, 6 (2012-27): 1-49.
- 40. Rachel, L. and Smith, T. (2017) Are low real interest rates here to stay? International Journal of Central Banking 13(3):1–42.
- 41. Seppecher, P., Salle, I. and Lang, D. (2019) Is the market really a good teacher? J Evol Econ 29(1): 299–335.10.1007/s00191-018-0571-7
- 42. Silvestrini, A. and Zaghini, A. (2015) Financial shocks and the real economy in a nonlinear world: from theory to estimation. J Pol Modeling 37(6):915–929.10.1016/j.jpolmod.2015.09.003
- 43. Smets, F. and Wouters, R. (2007) Shocks and frictions in us business cycles: A Bayesian DSGE approach. Am Econ Rev 97: 586–60610.1257/aer.97.3.586
- 44. Summers, L. (2014) U.S. economic prospects: secular stagnation, hysteresis, and the zero lower bound. Bus Econ 49(2):65–73.
- 45. Summers, L. (2015) Low real rates, secular stagnation & the future of stabilization policy. Speech at the Bank of Chile Research Conference, 20 November.
- 46. Woodford, M. (2003) Optimal interest-rate smoothing. Rev Econ Stud 70 (4): 861–886.10.1111/1467-937X.00270