Coenen, Günter; Ehrmann, Michael; Gaballo, Gaetano; … - 2017
results relate to announcements of asset purchase programmes and the use of forward guidance. We show that announcements of … implementation details such as the envisaged size of the programme. We also show that forward guidance reduces uncertainty more … only a short horizon, and that the credibility of forward guidance is strengthened if the central bank also has embarked on …