● The Price of Money: A Guide to the Past, Present, and Future of the Natural Rate of Interest
Edited by Jamie Rush, et al.
Summary via publisher (Oxford U. Press)
An accessible guide to the natural rate of interest, why it is likely going up, and what that means for the future of the global economy and markets. Ask most people who sets interest rates, and they’ll say it’s the central bank. At a fundamental level, though, decisions by the Federal Reserve, European Central Bank, and their peers around the world are constrained by the natural rate of interest. The natural rate – the interest rate that balances supply of saving and demand for investment, whilst keeping inflation low and employment high – has moved from academic obscurity to a central role in monetary policy, and the operation of the economy and financial markets.