| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13977 |
| DP13977 Can more public information raise uncertainty? The international evidence on forward guidance | |
| Michael Ehrmann; Gaetano Gaballo; Peter Hoffmann; Georg Strasser | |
| 发表日期 | 2019-09-02 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Central banks have used different types of forward guidance. This paper reports cross-country evidence showing that, in general, forward guidance mutes the response of government bond yields to macroeconomic news. However, calendar-based guidance with a short horizon counter-intuitively raises it. Using a stylized model where agents learn from market signals, it shows that the public release of more precise information about future rates lowers the informativeness of market signals and, as a consequence, may increase uncertainty and amplify the reaction of expectations to macroeconomic news. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Central bank communication Heterogeneous beliefs Forward guidance Disagreement Macroeconomic news |
| URL | https://cepr.org/publications/dp13977 |
| 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/542858 |
| 推荐引用方式 GB/T 7714 | Michael Ehrmann,Gaetano Gaballo,Peter Hoffmann,et al. DP13977 Can more public information raise uncertainty? The international evidence on forward guidance. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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