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Federal Reserve Bank of Kansas City
Economic Review
Has Forward Guidance Been Effective?
Andrew Lee Smith
Thealexa Becker

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.

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Andrew Lee Smith & Thealexa Becker, "Has Forward Guidance Been Effective?" , Federal Reserve Bank of Kansas City, Economic Review, issue Q III, pages 57-78, 2015.
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Keywords: Federal funds; Forward guidance; Quantitative easing; FOMC
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