HomeHome

Methods of Policy Accommodation at the Interest-Rate Lower Bound

Michael Woodford

Title:
Methods of Policy Accommodation at the Interest-Rate Lower Bound
Author(s):
Woodford, Michael
Date:
Type:
Articles
Department(s):
Economics
Persistent URL:
Book/Journal Title:
The Changing Policy Landscape: 2012 Jackson Hole Symposium
Publisher:
Federal Reserve Bank of Kansas City
Publisher Location:
Jackson Hole, Wyoming
Abstract:
From page 2 -- 'This paper discusses two of the main alternatives, that have been the focus not only of considerable recent discussion, but a fair amount of policy experimentation, in a number of countries. The first of these is forward guidance — explicit statements by a central bank about the outlook for future policy, in addition to its announcements about the immediate policy actions that it is undertaking. While this is not necessarily a dimension of policy that becomes relevant only at the interest-rate lower bound, the experience of reaching the lower bound has undoubtedly increased the willingness of central banks like the Fed to experiment with more explicit forms of forward guidance, making statements about future policy that are both more precise and quantitative and that refer to policy decisions much farther in the future than was understood to be intended in the case of past (relatively cryptic) statements about future policy.'
Subject(s):
Economics
Public policy (Law)
Item views
1849
Metadata:
text | xml
Suggested Citation:
Michael Woodford, , Methods of Policy Accommodation at the Interest-Rate Lower Bound, Columbia University Academic Commons, .

Columbia University Libraries | Policies | FAQ