This paper studies the relation between the monetary policy rate and the natural rate of interest in the euro area and the United States across the periods of conventional monetary policy (CMP) and unconventional monetary policy (UMP). The unobserved time series of the natural rate of interest is estimated at the monthly frequency at which the relation between the policy rate and the natural rate is evaluated. The results indicate that the dynamics of the policy rate was positively and significantly related to the variations in the natural rate during the CMP period. The relation twisted during the UMP period.

中文翻译：

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自然利率和货币政策的动态


本文研究了欧元区和美国在常规货币政策 （CMP） 和非常规货币政策 （UMP） 期间的货币政策利率与自然利率之间的关系。自然利率的未观察到的时间序列是按每月评估政策利率和自然利率之间关系的频率估计的。结果表明，在 CMP 期间，政策利率的动态与自然利率的变化呈正相关且显著相关。这种关系在 UMP 时期发生了扭曲。