TY - JOUR N2 - In this paper a semi-structural econometric model is implemented in order to estimate the natural rates of interest in two large economies of the Euro Area: Germany an Italy. The estimates suggest that after the financial crisis of 2007–2008 a decrease of the growth rate of potential output and the corresponding natural rate of interest was greater in Italy than in Germany which could have had important implications for the effectiveness of a common monetary policy. Unlike in other studies, it is found that the monetary policy stance was less expansionary in Italy as compared to Germany for the whole after-crisis period. L1 - http://journals.pan.pl/Content/109835/PDF/mainFile.pdf L2 - http://journals.pan.pl/Content/109835 PY - 2018 IS - No 4 EP - 353 DO - 10.24425/cejeme.2018.125875 KW - natural rate of interest KW - potential output KW - euro area KW - state-space model KW - Kalman filter A1 - Bystrov, Victor PB - Oddział PAN w Łodzi DA - 31.12.2018 T1 - Measuring the Natural Rates of Interest in Germany and Italy SP - 333 UR - http://journals.pan.pl/dlibra/publication/edition/109835 T2 - Central European Journal of Economic Modelling and Econometrics ER -