Credible Forward Guidance
研究了在名义利率有效下限约束下，中央银行如何通过声誉损失机制可信地实施长期低利率策略，以缓解对经济活动的负面影响。
How can the central bank credibly implement a “lower-for-longer” strategy? To answer this question, we analyze a series of optimal sustainable policy problems—indexed by the duration of reputational loss—in a sticky-price model with an effective lower bound (ELB) constraint on nominal interest rates . We find that, even when the central bank lacks commitment, the central bank can still credibly keep the policy rate at the ELB for an extended period—though not as extended as under the optimal commitment policy—and meaningfully mitigate the adverse effects of the ELB constraint on economic activity.