Swanson, Eric T. - National Bureau of Economic Research - 2023
I separately identify and estimate the effects of the Federal Reserve's federal funds rate, forward guidance, and large … follow Swanson (2021) and Swanson and Jayawickrema (2023) to separately identify federal funds rate, forward guidance, and … that changes in the federal funds rate have had the most powerful effects on the U.S. economy, followed by forward guidance …