Forward guidance in the UK

Spencer Dale, James Talbot, 13 September 2013

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At its meeting on 1 August 2013, the Monetary Policy Committee (MPC) agreed to provide state-contingent forward guidance concerning the future conduct of monetary policy. The aim was to provide more information to help financial markets, households and businesses understand the conditions under which the current stance of monetary policy would be maintained.

Topics: Monetary policy
Tags: Bank of England, Central Banks, forward guidance, monetary policy

The impact of unconventional monetary policy on perceptions of tail risk

Masazumi Hattori, Andreas Schrimpf, Vladyslav Sushko, 17 November 2013

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A common, but hitherto unproven, notion is that central banks have effectively curbed perceptions of tail risks in financial markets by means of their unconventional policies.1 Such an effect is distinct from the well-documented compression of long-term yields (see Woodford 2012 for a comprehensive discussion).

Topics: Financial markets, Monetary policy
Tags: asset purchases, forward guidance, risk premia, tail risk, unconventional monetary policy

Forward Guidance: A new Vox eBook

Wouter den Haan, 23 October 2013

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Forward guidance is the provision of information by central banks about the future conduct of monetary policy and in particular about the central bank's policy interest rate. Forward guidance is aimed at influencing the public's expectations. This goal is not new. It has long been understood that managing expectations is an important part of monetary policy.

Topics: Monetary policy
Tags: forward guidance

Forward policy guidance at the Federal Reserve

John C. Williams, 16 October 2013

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In response to the financial crisis, the Federal Open Market Committee (FOMC) lowered the target federal funds rate to essentially zero in December 2008, where it has remained.

Topics: Monetary policy
Tags: Federal Reserve, forward guidance

Unconventional monetary policies revisited (Part II)

Biagio Bossone, 5 October 2013

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Unconventional monetary policies: From quantitative easing to debt monetisation

Topics: Macroeconomic policy, Monetary policy
Tags: central-bank independence, forward guidance, helicopter money, monetary policy, quantitative easing

Forward guidance and the ECB

Peter Praet, 6 August 2013

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The Introductory Statement to the Press Conference following the ECB’s Governing Council meeting of 4 July contained the following two sentences:

Topics: Monetary policy
Tags: ECB policy, forward guidance, monetary policy

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