SUERF • Baffi Bocconi • OeNB workshop
Date: Wednesday, 15 September 2021
Time: 09:00-12:15 CET
Platform: Cisco Webex
There is consensus among the economics profession that r* - the equilibrium rate of interest at which inflation is stable - has strongly declined over past decades – more so in Europe than in the US. While r* in itself is not a policy goal, its currently estimated low level is widely perceived to pose several challenges, including eroding policy space for monetary policy, lower returns for savers and institutional investors as well as banks, and potential negative consequences for resource allocation and productivity. So, what can be done to exit from this “low r* trap”? This workshop explores the interaction of economic policies with r* and policy options to raise r*, against the backdrop of economic trends which may affect the further development of r* going forward.
Ernest Gnan (OeNB and SUERF), Robert Holzmann, Kilian Rieder and Maria Teresa Valderrama (OeNB).
|Wednesday, 15 September 2021|
|09:00||Opening and Welcome|
Raising r*: Why, how, and if not now, when?
|09:15||Macroeconomic policies and r*: Theory and empirics of endogeneity – policy implications|
Moderated by Jakob de Haan, University of Groningen I SUERF President
SUERF Policy Note, No 255 - Navigating by r*: safe or hazardous?pdf - presentation
|10:45||Long-term trends, structural policies and r*: Future scenarios and policy implications|
Moderated by Ernest Gnan, OeNB I SUERF