-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 is much weaker than in the RA model, and becomes linear in the length of the peg. This result is robust to …

stabilization is strictly superior to alternative forward guidance commitments. …

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 …