This paper studies the effectiveness of forward guidance when central banks have imperfect credibility. Exploiting … and affects the overall effectiveness of forward guidance. We find that the central banks of the U.S., the U.K., Germany … guidance less effective. In a counterfactual analysis, we document that inflation would have been significantly higher, and the …

involves smooth spreads but allows exchange rates to jump; (c) it partly relies on "forward guidance", with non …

How forward guidance influences expectations is not yet fully understood. To study this issue,I construct central bank … data that includes forward guidance and its attributes, central bankprojections, and quantitative easing, which I combine … with survey data. I find that, in responseto a change in forward guidance, forecasters revise their interest rate forecasts …

We suggest that forward guidance, via publicly committing the central bank to future actions and creating associated …, we build a forward guidance measure based on the language used in the Federal Open Market Committee meetings and match … this measure with syndicated loans. Our results show that expansionary forward guidance decreases corporate loan spreads …

This paper examines the effectiveness of forward guidance in an estimated New Keynesian model with imperfect central … bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game … estimate of Federal Reserve credibility in terms of forward guidance announcements is relatively high, which indicates a degree …

This paper examines the effectiveness of forward guidance in an estimated New Keynesian model with imperfect central … bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game … estimate of Federal Reserve credibility in terms of forward guidance announcements is relatively high, which indicates a degree …

guidance, both of which aim to stimulate consumption via raising households' inflation expectations. All households' inflation … forward guidance. We argue that policies aiming to a_ect households directly are ineffective if (non-expert) households do not …

Using intraday data, I separately identify the Bank of England's forward guidance and quantitative easing surprises …. However, their impact persists for only a few months. I further document that only forward guidance is effective in moving … stock prices and their volatility. While both surprises influence the British pound, the impact of forward guidance persists …