1 option
Reading the Stars / Peter Williams, Yasser Abdih, Emanuel Kopp.
- Format:
- Book
- Government document
- Author/Creator:
- Williams, Peter.
- Series:
- IMF Working Papers; Working Paper ; No. 2020/136
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (26 pages)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2020.
- Summary:
- Following the global financial crisis, significant uncertainty has existed around the U.S. economy’s steady state equilibrium. This paper uses a factor model to provide a new approach to estimating “the stars” (i.e. the neutral interest rate, maximum employment, and the level and growth rate of potential output) that are most consistent with a medium-term equilibrium where inflation converges to the FOMC’s two percent target. It is applicable to any country with an inflation targeting central bank. It also explicitly incorporates estimates of the extensive margin of slack in the labor market, which has proven to be an important factor in describing the post-financial crisis landscape.
- Notes:
- Description based on print version record.
- ISBN:
- 9781513553993
- 1513553992
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.