The neutral rate—the interest rate at which monetary policy is neither accommodative nor restrictive—is a theoretical concept that cannot be directly observed, only estimated. The neutral rate is an ...
The neutral rate fluctuates according to productivity growth, demographic trends, and global capital flows. Most Fed ...
After a prolonged decline, U.S. inflation-adjusted interest rates have increased somewhat since the pandemic—possibly implying a higher new normal. As central banks attempt to tame the post-pandemic ...
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