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14min chapter
Ernie Tedeschi on Full Employment, the US Safe Harbor Premium, and the Current Path of R-Star
Macro Musings with David Beckworth
Understanding R-star and its Implications on Monetary Policy
The chapter delves into research papers on the US Safe Harbor Premium and movements in R-star, the neutral interest rate. It explains the distinction between short-run and medium to long-run R-star to assess monetary policy decisions, using mortgages in the US as an example. Factors impacting R-star, such as an aging population, fiscal responses to the pandemic, and productivity growth, are explored to understand its current trends and potential implications on the economy.
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