Are market expectations in line with the forward guidance of the ECB?

Eskelinen, Maria; Kortela, Tomi (28.09.2017)
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Lataukset: 

Julkaisusarja

Bank of Finland. Bulletin

Volyymi

91

Numero

4/2017

Julkaisija

Bank of Finland

2017

http://www.bofbulletin.fi/
Tekijänoikeudet
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Julkaisun pysyvä osoite on

https://urn.fi/URN:NBN:fi:bof-201710241656
Tiivistelmä
By promising low interest rates in the future, a central bank can provide stimulus for the economy today. The effectiveness of this kind of forward guidance can be assessed by the impact it has on market expectations regarding interest rates. This article examines how successful the forward guidance of the ECB has been in steering market expectations.