NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Natural Rate Puzzle: Global Macro Trends and the Market-Implied r*

Josh Davis, Cristian Fuenzalida, Alan M. Taylor

NBER Working Paper No. 26560
Issued in December 2019

---- Acknowledgments ----

We thank Ben Bernanke and Joachim Fels for helpful discussions. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Alan M. Taylor ----

Alan M. Taylor has served as an author, consultant, or speaker for various research organizations, policy making institutions, and financial sector firms. He currently serves as a Senior Advisor at PIMCO.

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