Search Results

Showing results 1 to 2 of approximately 2.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:Central bank communication 

Working Paper
Issues Regarding the Use of the Policy Rate Tool

We review two nonstandard uses of the policy rate tool, which provide additional stimulus when interest rates are close to or at the effective lower bound—forward guidance and negative interest rate policy. In particular, we survey the use of these tools since the star otf the Great Recession, review evidence of their effectiveness, and discuss key considerations that confront monetary policymakers while using them.
Finance and Economics Discussion Series , Paper 2020-070

Working Paper
Did the Federal Reserve Break the Phillips Curve? Theory and Evidence of Anchoring Inflation Expectations

In a macroeconomic model with drifting long-run inflation expectations, the anchoring of inflation expectations manifests in two testable predictions. First, expectations about inflation far in the future should no longer respond to news about current inflation. Second, better-anchored inflation expectations weaken the relationship between unemployment and inflation, flattening the reduced-form Phillips curve. We evaluate both predictions and find that communication of a numerical inflation objective better anchored inflation expectations in the United States but failed to anchor expectations ...
Research Working Paper , Paper RWP 20-11

FILTER BY Content Type

FILTER BY Author

Bundick, Brent 1 items

Campbell, Jeffrey R. 1 items

King, Thomas B. 1 items

Orlik, Anna 1 items

Smith, Andrew Lee 1 items

Zarutskie, Rebecca 1 items

show more (1)

FILTER BY Jel Classification

E52 2 items

E58 2 items

E31 1 items

E32 1 items

E43 1 items

E44 1 items

show more (1)

PREVIOUS / NEXT