Forward guidance with an escape clause : when half a promise is better than a full one

Julian A. Parra-Polania

doi:https://doi.org/10.32468/be.811

dc.creator	Florez-Jimenez, Maria Lucia
dc.creator	Parra-Polanía, Julián Andrés
dc.date.created	2014-03-03
dc.date.issued	2014-03-03
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/6097
dc.description.abstract	Using a three-equation New Keynesian model we find that incorporating an escape clause (EC) into Forward Guidance (FG) is welfare improving as it allows the monetary authority to avoid cases in which the cost of reduced flexibility is too high. The EC pro
dc.format.mimetype	PDF
dc.language.iso	spa
dc.publisher	Banco de la República
dc.relation.ispartof	Documentos de Trabajo
dc.relation.ispartofseries	Borradores de Economía
dc.relation.isversionof	Borradores de Economía; No. 811
dc.rights.accessRights	Open Access
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/
dc.title	Forward guidance with an escape clause : when half a promise is better than a full one
dc.type	Working Paper
dc.subject.jel	E47 - Money and Interest Rates: Forecasting and Simulation: Models and Application
dc.subject.jel	E58 - Central Banks and Their Policies
dc.subject.jel	E52 - Monetary Policy
dc.subject.keyword	Forward guidance
dc.subject.keyword	Escape clause
dc.subject.keyword	Zero lower bound
dc.subject.keyword	Central bank communication
dc.subject.lemb	Comunicación bancaria
dc.subject.lemb	Economía neokeynesiana
dc.subject.lemb	Política monetaria
dc.type.spa	Documentos de trabajo
dc.rights.spa	Acceso abierto
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspa	E58 - Bancos centrales y sus políticas
dc.subject.jelspa	E47 - Dinero y tipos de interés: Predicción y simulación; Modelos y aplicación
dc.subject.jelspa	E52 - Política monetaria
dc.type.hasversion	Published Version
dc.coverage.sucursal	Bogotá
dc.relation.doi	https://doi.org/10.32468/be.811
dc.rights.disclaimer	Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.repec	https://ideas.repec.org/p/bdr/borrec/811.html
dc.identifier.handle	https://hdl.handle.net/20.500.12134/6097
dc.creator.firma	Julian A. Parra-Polania
dc.source.handleRepec	RePEc:bdr:borrec:811