Xu Zhang - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T19:46:10+00:00Evaluating the Effects of Forward Guidance and Large-scale Asset Purchases
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-54/
I propose a novel method to identify and estimate the macroeconomic effects of forward guidance and large-scale asset purchases (LSAP) for each FOMC announcement. I find that LSAP is more important than forward guidance in influencing output and inflation. LSAP puts upward pressure on short-term yields, so it should always be used in conjunction with forward guidance.2021-11-04T14:23:41+00:00enEvaluating the Effects of Forward Guidance and Large-scale Asset Purchases2021-11-04Business fluctuations and cyclesCentral bank researchEconometric and statistical methodsInterest ratesStaff Working Paper 2021-54https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-54.pdfStaff Working Paper 2021-54Xu ZhangNovember 2021EE5GG0