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|c 5.00 USD
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|z 9781463930554
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Berger, Helge.
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|a Money As Indicator for the Natural Rate of Interest /
|c Helge Berger, Henning Weber.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (52 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be computed from actual data. The co-movement is of a considerable magnitude and independent of monetary policy. An optimizing central bank that does not observe the natural interest rate can take advantage of this co-movement by incorporating the transformed money demand, in addition to the observed output gap and inflation, into a simple but optimal interest rate rule. Combining the transformed money demand and the observed output gap provides the best information about the natural interest rate.
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|a Mode of access: Internet
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|a Weber, Henning.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/006
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/006/001.2012.issue-006-en.xml
|z IMF e-Library
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