Global Economics

Global Central Bank Watch

29 July, 2013

‘‘Forward guidance’’ to have limited impact

Some form of ‘‘forward guidance’’ is already being used by many central banks, including the Federal Reserve and the Bank of Canada. In the coming weeks, the Bank of England looks set to join them, and even the European Central Bank may eventually move further in this direction. However, the track record suggests that forward guidance is not a powerful tool. Moreover, it may be particularly difficult to use in the UK and the euro-zone.


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