Castillo, Paul; Montoro, Carlos; Tuesta, Vicente - Banco Central de Reserva del Perú - 2006
. Estimation of the natural interest rate (NIR) is crucial to capture the stance of the monetary policy. In particular, the gap … between the instrument rate of the Central Bank and the NIR can be a useful guideline for the position of the monetary policy …-fixed NIR would give a quite imprecise measure of monetary policy stance. …