The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
The Power of Forward Guidance Revisited
Abstract
In recent years, central banks have increasingly turned to forward guidance as a central tool of monetary policy. Standard monetary models imply that far future forward guidance has huge effects on current outcomes, and these effects grow with the horizon of the forward guidance. We present a model in which the power of forward guidance is highly sensitive to the assumption of complete markets. When agents face uninsurable income risk and borrowing constraints, a precautionary savings effect tempers their responses to changes in future interest rates. As a consequence, forward guidance has substantially less power to stimulate the economy. (JEL E21, E40, E50)
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Citations
Cites
The Consumption Response to Income Changes
Jappelli, T., & Pistaferri, L. (2010) · Annual Review of Economics · doi:10.1146/annurev.economics.050708.142933 · Cited by 704
Cited by
Monetary Policy and the Redistribution Channel
Auclert, A. (2019) · American Economic Review · doi:10.1257/aer.20160137 · Cited by 773
A Model of Secular Stagnation: Theory and Quantitative Evaluation
Eggertsson, G. B., Mehrotra, N. R., & Robbins, J. A. (2019) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20170367 · Cited by 405
Metadata
- Authors
- McKay, A., Nakamura, E., & Steinsson, J.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2016-10-01
- Volume
- 106
- Issue
- 10
- Pages
- 3133-3158
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W1540757224
- Cited by
- 548
- References
- 1
- FWCI
- 117.62
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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