Journal Article

Has Forward Guidance Been Effective?

Abstract: A. Lee Smith and Thealexa Becker compare forward guidance announcements with changes in the effective federal funds rate and find the two policy measures have had similar macroeconomic effects.

Keywords: FOMC; Forward guidance; Federal funds; Quantitative easing;

JEL Classification: E52; E43;

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Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Economic Review

Publication Date: 2015

Issue: Q III

Pages: 57-78