The Forward Guidance Canard
The article critiques the current practice of forward guidance in monetary policy, suggesting it may be misleading or ineffective. The author argues that what policymakers actually need is a clear reaction function that systematically responds to economic data rather than pre-committed forward statements.
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The Forward Guidance Canard
The article critiques the current practice of forward guidance in monetary policy, suggesting it may be misleading or ineffective. The author argues that what policymakers actually need is a clear reaction function that systematically responds to economic data rather than pre-committed forward statements.
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