The Power of Forward Guidance Revisited

Abstract

In recent years, central banks have increasingly turned to “forward guidance” as a central tool of monetary policy, especially as interest rates around the world have hit the zero lower bound. Standard monetary models imply that far future forward guidance is extremely powerful: promises about far future interest rates have huge effects on current economic… (More)

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05010020162017
Citations per Year

Citation Velocity: 38

Averaging 38 citations per year over the last 2 years.

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