Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/197826
Authors: 
Jain, Monica
Sutherland, Christopher S.
Year of Publication: 
2018
Series/Report no.: 
Bank of Canada Staff Working Paper No. 2018-2
Abstract: 
We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy rate decisions and matter less for private-sector macroeconomic forecasts. Further, neither central banks' provision of policy rate path projections nor their choice of policy rate assumption used in their macroeconomic projections appear to matter much for private-sector forecast disagreement.
Subjects: 
Transmission of monetary policy
Central bank research
Inflation targets
Monetary policy
Monetary policy communications
JEL: 
D83
E37
E52
E58
Document Type: 
Working Paper

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