Estimates of equilibrium real interest rates even have been taken into account in policy making. The common finding is that the rate has declined to a level not seen in decades. In their working paper, however, Taylor and Wieland show that the perceived decline may well be due to shifts in regulatory policy and monetary policy that have been omitted from the research.
IMFS Working Paper 103:
John B. Taylor und Volker Wieland
Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations
(PDF, 384 KB)