Title:The limits of forward guidance Author(s):CAMPBELL, Jeffrey R.; FERRONI, Filippo; FISHER, Jonas D. M.; MELOSI, LeonardoDate:2019Citation:
- Journal of monetary economics, 2019, Vol. 108, (SI), pp. 118-134
Type:ArticleAbstract:The viability of forward guidance as a monetary policy tool depends on the horizon over which it can be communicated and its influence on expectations over that horizon. This paper develops and estimates a model of imperfect ...