dor_id: 46364

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590.#.#.d: Los artículos enviados a la revista "Investigación Económica", se juzgan por medio de un proceso de revisión por pares

510.0.#.a: Consejo Nacional de Ciencia y Tecnología (CONACyT); Sistema Regional de Información en Línea para Revistas Científicas de América Latina, el Caribe, España y Portugal (Latindex); Scientific Electronic Library Online (SciELO); SCOPUS, Web Of Science (WoS)

561.#.#.u: http://www.economia.unam.mx/

650.#.4.x: Ciencias Sociales y Económicas

336.#.#.b: article

336.#.#.3: Artículo de Investigación

336.#.#.a: Artículo

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351.#.#.b: Investigación Económica

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850.#.#.a: Universidad Nacional Autónoma de México

856.4.0.u: https://www.revistas.unam.mx/index.php/rie/article/view/56358/49992

100.1.#.a: Sánchez Vargas, Armando

524.#.#.a: Sánchez Vargas, Armando (2016). SHOULD THE U.S. FEDERAL RESERVE INCREASE THE FEDERAL FUNDS RATE IN 2016? AN ASSESSMENT BASED ON THE NEUTRAL INTEREST RATE. Investigación Económica; Vol. 75 Núm. 296, 2016; 5-42. Recuperado de https://repositorio.unam.mx/contenidos/46364

245.1.0.a: SHOULD THE U.S. FEDERAL RESERVE INCREASE THE FEDERAL FUNDS RATE IN 2016? AN ASSESSMENT BASED ON THE NEUTRAL INTEREST RATE

502.#.#.c: Universidad Nacional Autónoma de México

561.1.#.a: Facultad de Economía, UNAM

264.#.0.c: 2016

264.#.1.c: 2016-06-22

506.1.#.a: La titularidad de los derechos patrimoniales de esta obra pertenece a las instituciones editoras. Su uso se rige por una licencia Creative Commons BY-NC-ND 4.0 Internacional, https://creativecommons.org/licenses/by-nc-nd/4.0/legalcode.es, para un uso diferente consultar al responsable jurídico del repositorio por medio del correo electrónico iph@unam.mx

884.#.#.k: https://www.revistas.unam.mx/index.php/rie/article/view/56358

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041.#.7.h: spa

520.3.#.a: This paper proposes an empirical method to estimate the value of the neutral interest rate in the U.S. and investigates whether the non-conventional monetary policy that has been in effect since the 2008 recession should continue. Specifically, a procedure is established based on a Cointegrated Vector Autoregression (CVAR) model that enables us to conclude that the expansionary monetary policy could continue for at least three more years. Our estimates suggest that the neutral real rate, consistent with full employment and the inflation target in the U.S., will remain negative until 2018. This trend will continue until 2019, when the nominal neutral rate will reach a level of 2%, which remains below the pre-crisis level of 4%. In fact, it seems that the neutral rate has permanently shifted toward a lower level associated with the new fundamentals of the U.S. economy.

773.1.#.t: Investigación Económica; Vol. 75 Núm. 296 (2016); 5-42

773.1.#.o: https://www.revistas.unam.mx/index.php/rie

022.#.#.a: ISSN electrónico: 2594-2360; ISSN impreso: 0185-1667

310.#.#.a: Trimestral

300.#.#.a: Páginas: 5-42

264.#.1.b: Facultad de Economía, UNAM

doi: https://doi.org/10.1016/j.inveco.2016.07.002

handle: 00bf6b5483b3283d

harvesting_date: 2023-06-20 16:00:00.0

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last_modified: 2023-06-20 16:00:00

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Artículo

SHOULD THE U.S. FEDERAL RESERVE INCREASE THE FEDERAL FUNDS RATE IN 2016? AN ASSESSMENT BASED ON THE NEUTRAL INTEREST RATE

Sánchez Vargas, Armando

Facultad de Economía, UNAM, publicado en Investigación Económica, y cosechado de Revistas UNAM

Licencia de uso

Procedencia del contenido

Entidad o dependencia
Facultad de Economía, UNAM
Revista
Repositorio
Contacto
Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

Cita

Sánchez Vargas, Armando (2016). SHOULD THE U.S. FEDERAL RESERVE INCREASE THE FEDERAL FUNDS RATE IN 2016? AN ASSESSMENT BASED ON THE NEUTRAL INTEREST RATE. Investigación Económica; Vol. 75 Núm. 296, 2016; 5-42. Recuperado de https://repositorio.unam.mx/contenidos/46364

Descripción del recurso

Autor(es)
Sánchez Vargas, Armando
Tipo
Artículo de Investigación
Área del conocimiento
Ciencias Sociales y Económicas
Título
SHOULD THE U.S. FEDERAL RESERVE INCREASE THE FEDERAL FUNDS RATE IN 2016? AN ASSESSMENT BASED ON THE NEUTRAL INTEREST RATE
Fecha
2016-06-22
Resumen
This paper proposes an empirical method to estimate the value of the neutral interest rate in the U.S. and investigates whether the non-conventional monetary policy that has been in effect since the 2008 recession should continue. Specifically, a procedure is established based on a Cointegrated Vector Autoregression (CVAR) model that enables us to conclude that the expansionary monetary policy could continue for at least three more years. Our estimates suggest that the neutral real rate, consistent with full employment and the inflation target in the U.S., will remain negative until 2018. This trend will continue until 2019, when the nominal neutral rate will reach a level of 2%, which remains below the pre-crisis level of 4%. In fact, it seems that the neutral rate has permanently shifted toward a lower level associated with the new fundamentals of the U.S. economy.
Idioma
spa
ISSN
ISSN electrónico: 2594-2360; ISSN impreso: 0185-1667

Enlaces