How do central bank projections and forward guidance influence private-sector forecasts? / by Monica Jain and Christopher S. Sutherland.: FB3-5/2018-2E-PDF

“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"--Abstract, p. ii.

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Publication information
Department/Agency Bank of Canada.
Title How do central bank projections and forward guidance influence private-sector forecasts? / by Monica Jain and Christopher S. Sutherland.
Series title Bank of Canada staff working paper, 1701-9397 ; 2018-2
Publication type Series - View Master Record
Language [English]
Format Electronic
Electronic document
Note(s) "January 2018."
Includes bibliographical references (p. 26-29).
Includes abstract in French.
Publishing information [Ottawa] : Bank of Canada, 2018.
Author / Contributor Jain, Monica.
Sutherland, Christopher S.
Description iii, 37 p. : col. charts.
Catalogue number
  • FB3-5/2018-2E-PDF
Subject terms Monetary policy
Inflation
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