La pratique des indications prospectives des banques centrales dans le contexte de la borne du zéro sur les taux d’intérêt

Hamza Bennani

Revue économique, 2018, vol. 69, issue 1, 111-137

Abstract: This article proposes an alternative method to assess the usefulness of central banks? forward guidance since the start of the global financial crisis and the occurrence of the zero lower bound. Using the Wordscores methodology, I provide a quantitative analysis of the size of the expansionary monetary impulses, as expressed through the forward guidance of three central banks: the European Central Bank, the Federal Reserve and the Bank of England. The findings reveal that since 2009, central banks? communication delivers important insights to financial market participants on the persistence of their (un)conventional monetary measures, and in particular, on the future occurrence of an exit strategy through the so-called odyssean forward guidance.

Keywords: central bank communication; forward guidance; zero lower bound (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_PR2_0111 (application/pdf)
http://www.cairn.info/revue-economique-2018-1-page-111.htm (text/html)
free

Related works:
Working Paper: La pratique des indications prospectives des banques centrales dans le contexte de la borne du zéro sur les taux d’intérêt (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:recosp:reco_pr2_0111

Access Statistics for this article

More articles in Revue économique from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().