guidance, both of which aim to stimulate consumption via raising households' inflation expectations. All households' inflation … forward guidance. We argue that policies aiming to affect households directly are ineffective if (non-expert) households do …

Durable goods attenuate the power of forward guidance. The extensive and intensive margins of durable goods demand are …

We compare the causal effects of forward guidance communication about future interest rates on households' expectations … macroeconomic variables jointly and the non-response to long-run forward guidance is consistent with models in which agents have …

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 bank projections, and quantitative easing, which I combine … with survey data. I find that, in response to a change in forward guidance, forecasters revise their interest rate …

Standard models predict implausible responses to forward guidance announcements when interest rates are pegged (the … ``forward guidance puzzle"). This paper develops conditions for regime-switching models to exhibit a forward guidance puzzle …, and shows when the fiscal theory of the price level does-- and does not --resolve the forward guidance puzzle. Forward …

We examine the effectiveness of forward guidance at the effective lower bound (ELB) in the context of the COVID-19 …-term nominal interest rates will remain at the ELB for the next several years; consequently, forward guidance would have to refer … proposed for addressing the forward guidance puzzle; (2) the central bank has imperfect credibility in making longer …