THE DYNAMIC EFFECTS OF FORWARD GUIDANCE SHOCKS

We examine the macroeconomic effects of forward guidance shocks at the zero lower bound. Empirically, we identify forward guidance shocks using unexpected changes in futures contracts around monetary policy announcements. We then embed these policy shocks in a vector autoregression to trace out thei...

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Bibliographic Details
Published in:The review of economics and statistics 2020-12, Vol.102 (5), p.946-965
Main Authors: Bundick, Brent, Smith, A. Lee
Format: Article
Language:English
Subjects:
Announcements
Economic activity
Future
Inflation
Macroeconomics
Monetary policy
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