Arbeitspapier
The forward guidance puzzle
With short-term interest rates at the zero lower bound, forward guidance has become a key tool for central bankers, and yet we know little about its effectiveness. Standard medium-scale DSGE models tend to grossly overestimate the impact of forward guidance on the macroeconomy - a phenomenon we call the forward guidance puzzle. We explain why this is the case and describe one approach to addressing this issue.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 574
- Klassifikation
-
Wirtschaft
Forecasting Models; Simulation Methods
Quantitative Policy Modeling
Monetary Policy
- Thema
-
forward guidance
DSGE models
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Del Negro, Marco
Giannoni, Marc
Patterson, Christina
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Del Negro, Marco
- Giannoni, Marc
- Patterson, Christina
- Federal Reserve Bank of New York
Entstanden
- 2012
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