Comparto mi último post en el Sound Money Project sobre si la tasa natural de interés efectivamente se encuentra en niveles tan bajos.

One of the open questions since the subprime crisis is whether or not the natural rate of interest is as low as the federal funds rate. The natural interest rate is the rate that equilibrates production over time. However, this concept is more subtle than output being equal to potential output– it also implies that production is distributed efficiently over time.

If it is the case that the natural rate of interest is, in effect, close to zero, then the Federal Reserve’s policy of maintaining a low federal funds rate target could be an adequate one. But, if this is not the case, then the Federal Reserve might be pushing interest rates below their equilibrium level and imposing costly imbalances on the economy.

Seguir leyendo en SMP.