Effects of Fed policy rate forecasts on real yields and inflation expectations at the zero lower bound

被引：2

作者：

Galati, Gabriele ^{[1
]}

Moessner, Richhild ^{[2
,3
]}

机构：

[1] Nederlandsche Bank, Amsterdam, Netherlands

[2] Bank Int Settlements, Basel, Switzerland

[3] CESifo, Munich, Germany

来源：

ECONOMICS LETTERS | 2021年 / 198卷

关键词：

Forward guidance; Policy rate forecasts; Zero lower bound; RATE GUIDANCE; COMMUNICATION;

D O I：

10.1016/j.econlet.2020.109654

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Surprises in policy rate forecasts from the Fed's Summary of Economic Projections significantly affected real yields at the zero lower bound. By contrast, we find no significant impact on long-term inflation expectations and thereby monetary policy credibility. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：3

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