This paper analyzes cycles in policy interest rates in 24 advanced economies over 1970–2024, combining a new application of business cycle methodology with rich time-series decompositions of the shocks driving rate movements. “Rate cycles” have gradually evolved over time, with less frequent cyclical turning points, more moderate tightening phases, and a larger role for global shocks. Against this backdrop, the 2020–24 rate cycle has been unprecedented...
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INFORMATION
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2024/08/20
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Document de travail de recherche sur les politiques
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WPS10876
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1
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2024/08/20
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Disclosed
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Rate Cycles