Remarks at the ACI 2010 World Congress, Sydney, Australia.

Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia

Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.

Remarks by Brian P. Sack before the Money Marketeers of New York University, New York City.

Remarks at the Annual Meeting with Primary Dealers, New York City.

With short-term interest rates at the zero lower bound, forward guidance has become a key tool for central bankers, and yet we know little about its effectiveness. Standard medium-scale DSGE models tend to grossly overestimate the impact of forward guidance on the macroeconomy—a phenomenon we...