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'Forward guidance': new monetary policy instrument or esoteric fad?

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  • Glauco De Vita
  • Wolfram Berger

Abstract

In August 2013, the Bank of England adopted a new monetary policy known as 'forward guidance'. This paper sheds light on this landmark moment and this rather obscure policy instrument. The authors unpack the rationale of this policy, its implementation modality and provide international evidence on its impact. Important questions are then raised about whether this policy is needed in the UK, and about the downsides of this seemingly innocuous monetary experiment.

Suggested Citation

  • Glauco De Vita & Wolfram Berger, 2015. "'Forward guidance': new monetary policy instrument or esoteric fad?," Public Money & Management, Taylor & Francis Journals, vol. 35(4), pages 289-296, July.
  • Handle: RePEc:taf:pubmmg:v:35:y:2015:i:4:p:289-296
    DOI: 10.1080/09540962.2015.1047272
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    References listed on IDEAS

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    1. Bo Young Chang & Bruno Feunou, 2013. "Measuring Uncertainty in Monetary Policy Using Implied Volatility and Realized Volatility," Staff Working Papers 13-37, Bank of Canada.
    2. Michael Woodford, 2012. "Methods of policy accommodation at the interest-rate lower bound," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 185-288.
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