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Globalization, Market Power, and the Natural Interest Rate
by Jean-Marc Natal and Nicolas Stoffels

Series:Working Paper No. 19/95
ISBN 9781498311410
Code: #WPIEA2019095

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
25 pages
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We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate—i.e. the interest rate consistent with output at its potential and constant inflation. An important implication of our analysis is that increased competition in goods and labor market since the 1970s can help explain both the large increase in real interest rates up to the mid-1980s and—as globalization forces mature and may even go into reverse, leading to incrementally rising market power—its subsequent and protracted decline accompanied by lower inflation. The analysis has important implications for monetary policy and the optimal pace of normalization.
Globalization, Market Power, and the Natural Interest Rate
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 124934 Added: 2019.5.11