(2017), “  Is monetary policy less effective when interest rates are persistently low?”, BIS Working Papers, No 628, Bank for International Settlements, April. For linear estimates of the IS curve, see Holston, K., Laubach, T. and Williams, J.C. (2017), “Measuring the natural rate of interest: International trends and determinants”, Journal of International Economics, Vol. 108, Supplement 1, pp.
S59-S75; and Garnier, J. and Wilhelmsen, B.R. (2009), “The natural rate of interest and the output gap in the euro area: a joint estimation”, Empirical Economics, Vol. 36, No 2, pp. 297-319. [11] Van den End, J.W. et al., ibid. [12] Brunnermeier, M. and Koby, Y. (2018), “  The Reversal Interest Rate”, NBER Working Papers, No 25406, National Bureau of Economic Research.