-based forward guidance and yield curve control (YCC) and incorporates other policy types into the framework. The findings show that … the BOJ's forward guidance and YCC have both had a significant impact on the shadow rate. Forward guidance accounted for …

Forward guidance provides monetary policy communication for an economy at the effective lower bound (ELB). In this … paper, we consider both calendar- and outcome-based forward guidance about the timing of liftoff. We develop a novel macro … outcome-based forward guidance is indeed effective and has significant monetary-easing effects on the real economy in both ELB …

response to a future shock always becomes weaker the further away the shock is. There is no forward guidance puzzle in any … sensible general equilibrium model if forward guidance is a one-time shock in the future. The difference from the literature … arises from the underappreciated preceding peg of interest rate. The standard forward guidance exercise, of a drop in the …