… We assess the power of forward guidance — promises about … Our results suggest the
effects of forward guidance are … models forward guidance is powerful—generating a “forward …

… forward guidance as a central tool of monetary policy. Standard monetary models imply that
far future forward guidance … the forward guidance. We present a model in which the power of …

… “Forward guidance” in monetary policy means providing some information about future …
have used different forms of forward guidance. The forward guidance by these central banks was …

… the impact of forward guidance announcements on a broad … FOMC announcements
containing forward guidance had … for these other elements, forward guidance had, on average, …

… of the economy to forward guidance. The decomposition shows that empirically plausible
imperfect forward guidance has a quantitatively important role bringing forward the effects of …

… In our leading application (forward guidance), this question refers to the response of
aggregate spending and employment to the news about the policy rate T periods later. …

… Our approach identifies forward guidance using the term structure of overnight interest
rate futures rates. As such we identify forward guidance as interpreted by market participants, …

… We examine how public statements of FOMC intentions—forward guidance—can … forward
guidance, which publicly commits the FOMC to a future action, and Delphic forward guidance, …

… features of these recent forward guidance practices and the … We investigate the extent to
which forward guidance has … recent increased reliance on forward guidance has been helpful in …

… policy—forward guidance is then said to be Odyssean.… forward guidance between 2011:III
and 2012:IV. More precisely, we show that the introduction of date-based forward guidance …