TY  - UNPD
A1  - Bletzinger, Tilman
A1  - Wieland, Volker
T1  - Forward guidance and "lower for longer": The case of the ECB
T2  - Working paper series / Institute for Monetary and Financial Stability ; 102
N2  - A number of contributions to research on monetary policy have suggested that policy should be asymmetric near the lower bound on nominal interest rates. As inflation and economic activity decline, policy should ease more aggressively than it would in the absence of the lower bound. As activity recovers and inflation picks up, the central bank should act to keep interest rates lower for longer than without the bound. In this note, we investigate to what extent the policy easing implemented by the ECB since summer 2013 mirrors the rate recommendations of a simple policy rule or deviates from it in a way that indicates a “lower for longer” approach to policy near zero interest rates.
T3  - Working paper series / Institute for Monetary and Financial Stability - 102 
KW  - monetary policy
KW  - interest rates
KW  - European Central Bank
KW  - forward guidance
KW  - zero lower bound
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/39578
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-395780
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/IMFS_WP/WP_102.pdf
IS  - February 10, 2016
PB  - Johann Wolfgang Goethe-Univ., Inst. for Monetary and Financial Stability
CY  - Frankfurt am Main
ER  -