Showing results 1 to 6 of approximately 6.(refine search)
Living Life Near the ZLB
Remarks at 2019 Annual Meeting of the Central Bank Research Association (CEBRA), New York City.
Inflation Targeting: Securing the Anchor
Remarks at The Future of Inflation Targeting, Bank of England, London, U.K.
No Man Is an Island
Remarks at 2019 Asia Economic Policy Conference, Federal Reserve Bank of San Francisco, San Francisco, California.
When the Facts Change…: remarks at the 9th High-Level Conference on the International Monetary System, Zürich, Switzerland
Remarks at the 9th High-Level Conference on the International Monetary System, Zrich, Switzerland.
The Longer-Run Framework: A Look Ahead
Remarks at the Hoover Institution Monetary Policy Virtual Series: The Road Ahead for Central Banks (delivered via videoconference).
The Rising Cost of Climate Change: Evidence from the Bond Market
The level of the social discount rate (SDR) is a crucial factor for evaluating the costs ofclimate change. We demonstrate that the equilibrium or steady-state real interest rate isthe fundamental anchor for market-based SDRs. Much recent research has pointed to adecrease in the equilibrium real interest rate since the 1990s. Using new estimates of thisdecline, we document a pronounced downward shift in the entire term structure of SDRsin recent decades. This lower new normal for interest rates and SDRs has substantiallyboosted the estimated economic loss from climate change and the social ...