BIS paper: unconventional policies may have depressed natural rate

The Bank for International Settlements, Basel
The BIS in Basel, Switzerland
Ulrich Roth

Economists at the Bank for International Settlements present evidence that unconventional monetary policies (UMPs) may have impacted the natural rate in a new working paper, published on January 19.

The study sets out to judge how the strength of “key links” in the monetary transmission mechanism vary over time. In the paper, UMPs first impact sovereign yields and then bank lending rates, which then feed through to output growth and inflation. A key innovation is that sovereign yields and bank

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