Central Bank Communication and Policy Effectiveness.¶
Woodford, M. (2005). Central Bank Communication and Policy Effectiveness.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Self-Defeating Prediction
- Central-bank guidance. Pre-announcing intended policy can move markets in advance so the action itself becomes unnecessary — self-defeat in a benign direction, institutionalised as forward guidance.
This sourceAnalyzes how pre-announced forward guidance moves markets in advance so the policy action partly accomplishes its aim through expectations.
Supported in partVerified against the work's full text
Woodford shows that expectations about future policy move markets ahead of action, so the actual rate change needed is much smaller; he does not say the action becomes unnecessary.
“the actual changes in overnight rates required to achieve the desired changes in incentives can be much more modest when expected future rates move as well”
- Central-bank guidance. Pre-announcing intended policy can move markets in advance so the action itself becomes unnecessary — self-defeat in a benign direction, institutionalised as forward guidance.
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