dc.contributor.author | Ertl, Martin | de |
dc.contributor.author | Rabitsch, Katrin | de |
dc.date.accessioned | 2024-06-03T08:21:11Z | |
dc.date.available | 2024-06-03T08:21:11Z | |
dc.date.issued | 2024 | de |
dc.identifier.uri | https://www.ssoar.info/ssoar/handle/document/94362 | |
dc.description.abstract | We explore the natural rate of interest, shortly r*, in emerging economies. If economic growth originates from convergence, then growth, say, from technological progress will be lower than we find in the data and, hence, r* will be lower. Ignoring convergence upwardly biases our estimates of r*. We extend the New Keynesian small open economy model to take account of convergence. The model is estimated with Bayesian techniques for four emerging economies in Central and Eastern Europe: Poland, Czech Republic, Hungary and Romania. The estimation process is informed by empirical evidence about a rapid catch-up of our example economies during the period from 2003 to 2019. We confirm the decline in r* over the last decades. When we account for capital deepening, we find meaningful differences with non-negligible implications for monetary policy. | de |
dc.language | en | de |
dc.subject.ddc | Wirtschaft | de |
dc.subject.ddc | Economics | en |
dc.subject.other | natural rate of interest; New Keynesian DSGE model | de |
dc.title | R* and Convergence | de |
dc.description.review | begutachtet | de |
dc.description.review | reviewed | en |
dc.source.volume | 55 | de |
dc.publisher.country | AUT | de |
dc.publisher.city | Wien | de |
dc.source.series | IHS Working Paper | |
dc.subject.classoz | Volkswirtschaftstheorie | de |
dc.subject.classoz | National Economy | en |
dc.subject.thesoz | Mitteleuropa | de |
dc.subject.thesoz | Central Europe | en |
dc.subject.thesoz | Osteuropa | de |
dc.subject.thesoz | Eastern Europe | en |
dc.subject.thesoz | Konvergenz | de |
dc.subject.thesoz | convergence | en |
dc.subject.thesoz | Zinssatz | de |
dc.subject.thesoz | interest rate | en |
dc.subject.thesoz | Schwellenland | de |
dc.subject.thesoz | newly industrializing countries | en |
dc.subject.thesoz | Wirtschaftswachstum | de |
dc.subject.thesoz | economic growth | en |
dc.subject.thesoz | Polen | de |
dc.subject.thesoz | Poland | en |
dc.subject.thesoz | Tschechische Republik | de |
dc.subject.thesoz | Czech Republic | en |
dc.subject.thesoz | Ungarn | de |
dc.subject.thesoz | Hungary | en |
dc.subject.thesoz | Rumänien | de |
dc.subject.thesoz | Romania | en |
dc.subject.thesoz | Geldpolitik | de |
dc.subject.thesoz | monetary policy | en |
dc.identifier.urn | urn:nbn:de:0168-ssoar-94362-2 | |
dc.rights.licence | Creative Commons - Namensnennung 4.0 | de |
dc.rights.licence | Creative Commons - Attribution 4.0 | en |
ssoar.contributor.institution | IHS (Wien) | de |
internal.status | formal und inhaltlich fertig erschlossen | de |
internal.identifier.thesoz | 10042880 | |
internal.identifier.thesoz | 10042882 | |
internal.identifier.thesoz | 10049719 | |
internal.identifier.thesoz | 10062960 | |
internal.identifier.thesoz | 10057575 | |
internal.identifier.thesoz | 10055821 | |
internal.identifier.thesoz | 10054686 | |
internal.identifier.thesoz | 10064243 | |
internal.identifier.thesoz | 10060698 | |
internal.identifier.thesoz | 10056959 | |
internal.identifier.thesoz | 10041141 | |
dc.type.stock | monograph | de |
dc.type.document | Arbeitspapier | de |
dc.type.document | working paper | en |
dc.source.pageinfo | 53 | de |
internal.identifier.classoz | 1090301 | |
internal.identifier.document | 3 | |
dc.contributor.corporateeditor | Institut für Höhere Studien (IHS), Wien | |
internal.identifier.corporateeditor | 191 | |
internal.identifier.ddc | 330 | |
dc.description.pubstatus | Veröffentlichungsversion | de |
dc.description.pubstatus | Published Version | en |
internal.identifier.licence | 16 | |
internal.identifier.pubstatus | 1 | |
internal.identifier.review | 2 | |
internal.identifier.series | 1457 | |
internal.pdf.valid | false | |
internal.pdf.wellformed | true | |
internal.pdf.encrypted | false | |