The lower neutral rate means the normalization of the federal funds rate is likely to follow a more gradual and shallower path than in previous cycles, although the actual path will be determined by economic conditions.
BIS Review 105/2008  1  the relative importance of the various transmission channels of monetary policy impulses. 3 This is indeed one of the major challenges posed by globalisation, to recall the theme of this seminar. The theme of the seminar is also the dilemmas arising from globalisation.