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Comment on “The limits of forward guidance” by Jeffrey R. Campbell, Filippo Ferroni, Jonas D.M. Fisher and Leonardo Melosi

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cris.lastimport.scopus2024-02-12T20:41:32Z
dc.abstract.enThis note discusses the article “The limits of forward guidance” by Jeffrey R. Campbell, Filippo Ferroni, Jonas D. M. Fisher and Leonardo Melosi. The Authors make an excellent contribution to the literature on solving the forward guidance puzzle by proposing that central bank communication is imperfect (noisy) and thus announcements of the monetary policy stance many periods ahead have a limited impact on agents’ decisions. By estimating a rich DSGE model, using a wide set of US data including interest rate futures, they quantify the precision of the Fed’s communication. We show that estimating a linear model without explicitly accounting for the ELB constraint may lead to biased results that overstate the imperfections of central bank communication.(original abstract)
dc.affiliationUniwersytet Warszawski
dc.contributor.authorBrzoza-Brzezina, Michał
dc.contributor.authorKolasa, Marcin
dc.contributor.authorBielecki, Marcin
dc.date.accessioned2024-01-24T19:49:59Z
dc.date.available2024-01-24T19:49:59Z
dc.date.issued2019
dc.description.financeNie dotyczy
dc.identifier.doi10.1016/J.JMONECO.2019.09.004
dc.identifier.issn0304-3932
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/103314
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofJournal of Monetary Economics
dc.rightsClosedAccess
dc.sciencecloudnosend
dc.subject.encentral bank communication
dc.subject.enforward guidance puzzle
dc.subject.eneffective Lower Bound
dc.subject.plkomunikacja banku centralnego
dc.subject.plukładanka naprzód
dc.subject.pldolna granica
dc.titleComment on “The limits of forward guidance” by Jeffrey R. Campbell, Filippo Ferroni, Jonas D.M. Fisher and Leonardo Melosi
dc.typeJournalArticle
dspace.entity.typePublication