event
Vilfredo Pareto Research Seminar
Tuesday
04
November
Little girl camera

The Financial (In)Stability Real Interest Rate, r**

Gianluca Benigno, University of Lausanne
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Geneva Graduate Institute, Maison de la paix, Room S5

As part of the Vilfredo Pareto Research Seminar series, the International Economics Department at the Geneva Graduate Institute is pleased to invite you to a public talk given by Gianluca Benigno, University of Lausanne.

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The Financial (In)Stability Real Interest Rate, r**

We build a macro-finance model with an occasionally binding financing constraint where real interest rates have opposite effects on current and future financial stability, with the contemporaneous impact driven by valuation effects and the future impact driven by reach-for-yield by intermediaries. We use this model to illustrate the concept of the financial stability interest rate, r**, which we propose as a quantitative summary statistic for financial vulnerabilities. We provide a measure of r** for the US economy and discuss its evolution over the past 50 years.

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