Table of Contents
Foreword
Introduction
Wouter den Haan
Part I: Central Bankers on Forward Guidance: Description and Motivation
Forward Guidance and the ECB
Peter Praet
Forward Guidance in the UK
Spencer Dale and James Talbot
Forward Policy Guidance at the Federal Reserve
John C Williams
The Bank of Japan’s Current Monetary Easing and Forward Guidance
Sayuri Shirai
Monetary policy and forward guidance in the UK
David Miles
Part II: Empirics and Economic Theory on Forward Guidance
Low for How Long? Estimating the ECB’s “Extended Period of Time”
Tilman Bletzinger and Volker Wieland
Odyssean Forward Guidance in Monetary Policy: A Primer
Jeffrey R Campbell
The Macroeconomic Effects of Forward Guidance
Marco Del Negro, Marc Giannoni and Christina Patterson
The Value of Forward-Looking Communication
Francesco Bianchi and Leonardo Melosi
Part III: Improving the Implementation of Forward Guidance
Complete Forward Guidance
Richard Barwell and Jagjit S. Chadha
Effective Forward Guidance: Scrupulous Central Bankers and Forecast Contracts
Hans Gersbach and Volker Hahn
Part IV: Criticism
Forward Guidance in the UK: Holding Rates Down till Something Happens
David Cobham
Debating the Merits of Forward Guidance
Charles Goodhart
Forward Guidance: A Central Bank Watcher’s Perspective
Paul Sheard
A Long and Bumpy Journey ahead for Forward Guidance
Kazuo Ueda