NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Global Factor in Neutral Policy Rates: Some Implications for Exchange Rates, Monetary Policy, and Policy Coordination

Richard H. Clarida

NBER Working Paper No. 23562
Issued in June 2017

---- Acknowledgments ----

This paper was prepared for the Annual BIS Research Conference held June 23rd, 2017 in Lucerne, Switzerland. The author would like to thank Jordi Gali for sharing his insights on this and related topics. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Richard H. Clarida ----

I serve as a compensated strategic advisor for PIMCO, an asset management firm that invests in exchange rates and interest rates.

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