Brzoza-Brzezina, Michał; Kotłowski, Jacek - In: Applied Economics 46 (2014) 17, pp. 2052-2065
We generalize the concept of the natural rate of interest (Laubach and Williams, 2003; Woodford, 2003) by defining and estimating the natural yield curve (NYC) -- the term structure of natural interest rates. Our motivation stems i.a. from the observation that at times when central banks attempt to...