NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Natural Rate Hypothesis: An idea past its sell-by date

Roger E.A. Farmer

NBER Working Paper No. 19267
Issued in August 2013

---- Acknowledgements -----

This paper was written while visiting the Bank of England for the year as a 2013 Senior Houblon Norman Fellow. I wish to thank Spencer Dale and the Trustees of the Houblon Norman Fund for providing me with this opportunity. I am also grateful to everyone at the Bank for making me feel so welcome and for their support and encouragement during my stay. Finally, I would like to thank Dan Nixon, Mark Cornelius and the entire editorial team at the Bank of England Quarterly Bulletin, as well as C. Roxanne Farmer, for their invaluable editorial suggestions and assistance. The views expressed in this article are those of the author and they do not represent those of the Bank or the Monetary Policy Committee. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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