{"id":213108,"date":"2024-03-13T21:01:56","date_gmt":"2024-03-13T21:01:56","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/13\/more-on-r-econbrowser\/"},"modified":"2025-06-25T17:20:41","modified_gmt":"2025-06-25T17:20:41","slug":"more-on-r-econbrowser","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/13\/more-on-r-econbrowser\/","title":{"rendered":"More on r* | Econbrowser"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-51480\">\n\t\t\t\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p>From <em>BIS Quarterly Review<\/em>, <a href=\"https:\/\/www.bis.org\/publ\/qtrpdf\/r_qt2403b.htm\">article by G. Benig<span style=\"font-size: 1rem\">no, B. Hoffmann, G. Nuno Barrau, and D. Sandri:<\/span><\/a><\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/chap2-gra2.jpg\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-51481\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/chap2-gra2.jpg\" alt=\"\" width=\"965\" height=\"577\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/chap2-gra2.jpg 965w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/chap2-gra2-300x179.jpg 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/chap2-gra2-768x459.jpg 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/chap2-gra2-624x373.jpg 624w\" sizes=\"(max-width: 965px) 100vw, 965px\"\/><\/a><\/p>\n<p><em><strong>Source:<\/strong> <a href=\"https:\/\/www.bis.org\/publ\/qtrpdf\/r_qt2403b.htm\">BIS Quarterly Review (March 2024)<\/a>.<\/em><\/p>\n<p>Note: Here,\u00a0 <em>r*<\/em> is the <strong><em>real<\/em><\/strong> natural rate of interest. Following the convention adopted in this <a href=\"https:\/\/libertystreeteconomics.newyorkfed.org\/2023\/08\/the-evolution-of-short-run-r-after-the-pandemic\/\">NY Fed piece<\/a>, I\u2019ll call <em>nominal r*<\/em> what <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-08\/summers-says-fed-is-wrong-on-neutral-warns-on-rate-cut-bets\">Summers recently termed the neutral rate<\/a>, r* plus expected inflation:<\/p>\n<p>For other estimates, see this <a href=\"https:\/\/econbrowser.com\/archives\/2024\/03\/estimates-of-r\">post<\/a>.<\/p>\n<p>Lubik-Matthes, at the high end of estimates for the US, indicates about a 4.5% neutral rate, if 2.5% CPI inflation is consistent with 2% PCE inflation, still below the 5-6% range (what Summers called a \u201c5-handle\u201d).<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n\t\t\tThis entry was posted on <a href=\"https:\/\/econbrowser.com\/archives\/2024\/03\/more-on-r\" title=\"12:49 pm\" rel=\"bookmark\"><time class=\"entry-date\" datetime=\"2024-03-13T12:49:27-07:00\">March 13, 2024<\/time><\/a><span class=\"by-author\"> by <span class=\"author vcard\"><a class=\"url fn n\" href=\"https:\/\/econbrowser.com\/archives\/author\/menzie_chinn\" title=\"View all posts by Menzie Chinn\" rel=\"author\">Menzie Chinn<\/a><\/span><\/span>.\t\t\t\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->\n\t<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/econbrowser.com\/archives\/2024\/03\/more-on-r\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] From BIS Quarterly Review, article by G. Benigno, B. Hoffmann, G. Nuno Barrau, and D. Sandri: Source: BIS Quarterly Review (March 2024). Note: Here,\u00a0<\/p>\n","protected":false},"author":1,"featured_media":213109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[155],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/213108"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=213108"}],"version-history":[{"count":1,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/213108\/revisions"}],"predecessor-version":[{"id":337950,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/213108\/revisions\/337950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/213109"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=213108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=213108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=213108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}