Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/214662
Authors: 
Gerke, Rafael
Giesen, Sebastian
Scheer, F. Alexander
Year of Publication: 
2020
Series/Report no.: 
Bundesbank Discussion Paper No. 03/2020
Abstract: 
We quantify the macroeconomic effects of interest rate forward guidance in an estimated medium-scale two-agent New Keynesian (TANK) model. In general, such models can dampen or amplify the power of forward guidance compared to a representative agent model. Our empirical estimates indicate a dampening, as there is sufficient countercyclical redistribution.An interaction with asset purchases gives rise to non-linear effects that depend on the horizon of forward guidance.
Subjects: 
Forward Guidance
Hand-to-mouth households
Redistribution
Bayesian Estimation
Asset purchase program
JEL: 
E44
E52
E62
ISBN: 
978-3-95729-665-8
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.