The power of forward guidance in a quantitative TANK model

Beschreibung

We quantify the macroeconomic effects of interest rate forward guidance in an estimated medium-scale two-agent New Keynesian (TANK) model. In general, such models can dampen or amplify the power of forward guidance compared to a representative agent model. Our empirical estimates indicate a dampening, as there is sufficient countercyclical redistribution.An interaction with asset purchases gives rise to non-linear effects that depend on the horizon of forward guidance.
steht auch als elektronisches Dokument zur Verfügung (ISBN 978-3-95729-665-8)

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Rafael Gerke

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Forward Guidance Makroökonomische Wirkung Neukeynesianisches Modell

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