Endre søk
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
Forward guidance
Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. Centre for Economic Policy Research, UK.ORCID-id: 0000-0002-0212-255X
Rekke forfattare: 42019 (engelsk)Inngår i: Journal of Monetary Economics, ISSN 0304-3932, E-ISSN 1873-1295, Vol. 102, s. 1-23Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

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.

sted, utgiver, år, opplag, sider
2019. Vol. 102, s. 1-23
Emneord [en]
Forward guidance, Incomplete markets, Liquidity trap
HSV kategori
Identifikatorer
URN: urn:nbn:se:su:diva-169066DOI: 10.1016/j.jmoneco.2019.01.014ISI: 000466623400001OAI: oai:DiVA.org:su-169066DiVA, id: diva2:1318250
Konferanse
Carnegie-Rochester-NYU (CRN) Conference on Public Policy honoring the contributions of Charles Plosser to Economics, University of Rochester, Simon Business School, UK, April 20-21, 2018
Tilgjengelig fra: 2019-05-27 Laget: 2019-05-27 Sist oppdatert: 2019-12-04bibliografisk kontrollert

Open Access i DiVA

Fulltekst mangler i DiVA

Andre lenker

Forlagets fulltekst

Søk i DiVA

Av forfatter/redaktør
Mitman, Kurt
Av organisasjonen
I samme tidsskrift
Journal of Monetary Economics

Søk utenfor DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric

doi
urn-nbn
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf