| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12858 |
| DP12858 Forward Guidance | |
| Kurt Mitman; Marcus Hagedorn; Iourii Manovskii | |
| 发表日期 | 2018-04-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We assess the power of forward guidance - promises about future interest rates - as a monetary tool in a liquidity trap using a quantitative incomplete-markets model. Our results suggest the effects of forward guidance are negligible. A commitment to keep future nominal interest rates low for a few quarters-although macro indicators suggest otherwise-has only trivial effects on current output and employment. We explain theoretically why in complete markets models forward guidance is powerful-generating a "forward guidance puzzle"-and why this puzzle disappears in our model. We also clarify theoretically ambiguous conclusions from previous research about the effectiveness of forward guidance in incomplete and complete markets models. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Forward guidance monetary policy Incomplete markets |
| URL | https://cepr.org/publications/dp12858 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541669 |
| 推荐引用方式 GB/T 7714 | Kurt Mitman,Marcus Hagedorn,Iourii Manovskii. DP12858 Forward Guidance. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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