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Credibility of Optimal Forward Guidance at the Interest Rate Lower Bound

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  • Taisuke Nakata

Abstract

Market participants and other analysts generally expect that the federal funds rate will rise from its effective lower bound (ELB) later this year. However, the ELB could again become a binding constraint on monetary policy in the future.

Suggested Citation

  • Taisuke Nakata, 2015. "Credibility of Optimal Forward Guidance at the Interest Rate Lower Bound," FEDS Notes 2015-08-27, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2015-08-27
    DOI: 10.17016/2380-7172.1577
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    File URL: https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/credibility-of-optimal-forward-guidance-at-the-interest-rate-lower-bound-20150827.html
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    Cited by:

    1. Taisuke Nakata, 2018. "Reputation and Liquidity Traps," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 252-268, April.
    2. Timothy S. Hills & Taisuke Nakata, 2018. "Fiscal Multipliers at the Zero Lower Bound: The Role of Policy Inertia," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(1), pages 155-172, February.
    3. Harrison, Richard, 2017. "Optimal quantitative easing," Bank of England working papers 678, Bank of England.
    4. Batista, Quentin & Nakata, Taisuke & Sunakawa, Takeki, 2023. "Credible Forward Guidance," Journal of Economic Dynamics and Control, Elsevier, vol. 153(C).
    5. Kohei Hasui & Teruyoshi Kobayashi & Tomohiro Sugo, 2019. "Irreversible monetary policy at the zero lower bound," Discussion Papers 1906, Graduate School of Economics, Kobe University.
    6. Harrison, Richard, 2021. "Flexible inflation targeting with active fiscal policy," Bank of England working papers 928, Bank of England.
    7. Haberis, Alex & Harrison, Richard & Waldron, Matthew, 2017. "Uncertain forward guidance," Bank of England working papers 654, Bank of England.
    8. Boneva, Lena & Harrison, Richard & Waldron, Matt, 2018. "Threshold-based forward guidance," Journal of Economic Dynamics and Control, Elsevier, vol. 90(C), pages 138-155.
    9. Taisuke Nakata, 2018. "Reputation and Liquidity Traps," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 252-268, April.
    10. Hasui, Kohei & Kobayashi, Teruyoshi & Sugo, Tomohiro, 2021. "Optimal irreversible monetary policy," European Economic Review, Elsevier, vol. 134(C).
    11. Harrison, Richard, 2024. "Optimal quantitative easing and tightening," Bank of England working papers 1063, Bank of England.

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