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How effective is central bank forward guidance?

Kool, Clemens J.M.; Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2012

This paper investigates the effectiveness of forward guidance for the central banks of four countries: New Zealand …

Persistent link: https://www.econbiz.de/10010600550

Is the FOMC’s policy inflating asset prices?

Thornton, Daniel L. - In: Economic Synopses (2011)

Keeping the policy rate significantly and persistently below "long-run equilibrium rates" may inflate asset prices.

Persistent link: https://www.econbiz.de/10009146848

Which comes first: inflation or the FOMC's funds rate target?

Thornton, Daniel L. - In: Economic Synopses (2010)

Must the FOMC increase its target before inflation, or will inflation increase and cause the FOMC to increase its target?

Persistent link: https://www.econbiz.de/10008643777

Can the FOMC increase the funds rate without reducing reserves?

Thornton, Daniel L. - In: Economic Synopses (2010)

With the funds rate driven to levels far below its target, the FOMC had no recourse but to adjust the target accordingly.

Persistent link: https://www.econbiz.de/10008676469

The FOMC’s interest rate policy: how long is the long run?

Thornton, Daniel L. - In: Economic Synopses (2011)

The only outcome consistent with the Fisher equation holding and the FOMC’s zero interest rate policy is that the “long run” is considerably longer than 4.5 years.

Persistent link: https://www.econbiz.de/10009292973

Verbal guidance and the efficacy of forward guidance

Thornton, Daniel L. - In: Economic Synopses (2012)

The behavior of term OIS rates following the three instances of FOMC verbal guidance provides no support for the efficacy of the FOMC’s forward guidance monetary policy.

Persistent link: https://www.econbiz.de/10010727238

A proposal for improving forward guidance

Krippner, Leo; Thornton, Daniel L. - In: Economic Synopses (2012)

Our approach offers several advantages over LSAPs as a financial mechanism to enhance forward guidance.

Persistent link: https://www.econbiz.de/10010727259

The efficacy of the FOMC’s zero interest rate policy

Thornton, Daniel L. - In: Economic Synopses (2012)

If investment spending is sufficiently insensitive to interest rate changes and the effect of Fed actions on interest rates is sufficiently weak, the net effect of the persistent zero interest rate policy could be negative.

Persistent link: https://www.econbiz.de/10010727276

Is the FOMC’s unemployment rate threshold a good idea?

Thornton, Daniel L. - In: Economic Synopses (2013)

The November 2012 unemployment rate would have been 1.6 percent higher had the labor force participation rate declined as it did following the 2001 recession.

Persistent link: https://www.econbiz.de/10010727283

What does the change in the FOMC's statement of objectives mean?

Thornton, Daniel L. - In: Economic Synopses (2011)

In contrast, most economists believe that central banks have little or no ability to directly affect employment. The … effect of monetary policy actions on employment is indirect and stems from central banks’ ability to affect output growth in …

Persistent link: https://www.econbiz.de/10008784299