000	02159nam  2200361zi 4500
001	9.891980
003	CaOODSP
005	20221107173034
006	m     o  d f
007	cr cn|||||||||
008	201001t20202020oncd    ob   f000 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
086	1 |aFB3-5/2020-40E-PDF
100	1 |aSutherland, Christopher S., |eauthor.
245	10|aForward guidance and expectation formation : |ba narrative approach / |cby Christopher S. Sutherland.
264	1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264	4|c©2020
300	|a1 online resource (ii, 48 pages) : |bgraphs.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-40
500	|aCover title.
500	|a"Last updated: September 28, 2020."
504	|aIncludes bibliographical references (pages 44-48).
520	3 |a"How forward guidance influences expectations is not yet fully understood. To study this issue, I construct central bank data that includes forward guidance and its attributes, central bank projections, and quantitative easing, which I combine with survey data. I find that, in response to a change in forward guidance, forecasters revise their interest rate forecasts in the intended direction by five basis points on average. The effect is not attributable to central bank information effects. Instead, when forming rate expectations, forecasters place full weight on their own inflation and growth forecasts and zero weight on those of the central bank"--Abstract, page ii.
650	0|aBanks and banking, Central.
650	0|aTransmission mechanism (Monetary policy)
650	6|aBanques centrales.
650	6|aMécanismes de transmission (Politique monétaire)
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2020-40.|w(CaOODSP)9.806221
856	40|qPDF|s742 KB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-40-eng.pdf