and affects the overall effectiveness of forward guidance. We find that the central banks of the U.S., the U.K., Germany …, and other major advanced economies have similar levels of credibility (albeit far from full credibility); however, Japan …

first few quarters. This combination resulted in a major increase of imports from the main trading partners of West Germany … in other countries leading to a feedback on Germany. The paper provides a short overview over the basic model. The …

first few quarters. This combination resulted in a major increase of imports from the main trading partners of West Germany … in other countries leading to a feedback on Germany. The paper provides a short overview over the basic model. The …

for low inflation. Using data for four G7 economies, the paper shows that, except for Germany, nonlinear and asymmetric …