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.
- Language
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Englisch
- Bibliographic citation
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Series: Staff Report ; No. 574
- Classification
-
Wirtschaft
Forecasting Models; Simulation Methods
Quantitative Policy Modeling
Monetary Policy
- Subject
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forward guidance
DSGE models
- Event
-
Geistige Schöpfung
- (who)
-
Del Negro, Marco
Giannoni, Marc
Patterson, Christina
- Event
-
Veröffentlichung
- (who)
-
Federal Reserve Bank of New York
- (where)
-
New York, NY
- (when)
-
2012
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Del Negro, Marco
- Giannoni, Marc
- Patterson, Christina
- Federal Reserve Bank of New York
Time of origin
- 2012
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