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Evaluating Quantitative Easing: The Importance of Accounting for Forward Guidance

Bundick, Brent ; Smith, A. Lee

Economic review (Kansas City), 2022-06, Vol.107 (3), p.5-2

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Título:
Evaluating Quantitative Easing: The Importance of Accounting for Forward Guidance
Autor: Bundick, Brent ; Smith, A. Lee
Assuntos: Accounting ; Asset acquisitions ; Balance sheets ; Central banks ; Economic activity ; Economic conditions ; Economic recovery ; Economic stabilization ; Employment ; Epidemics ; Federal funding ; Federal funds rate ; Federal Reserve monetary policy ; Financial markets ; Governors ; Great Recession ; Housing ; Interest rates ; Macroeconomics ; Markets ; Mortgage backed securities ; Pandemics ; Policy making ; Purchasing ; Recessions ; Securities ; Securities markets ; Stability ; Treasuries
É parte de: Economic review (Kansas City), 2022-06, Vol.107 (3), p.5-2
Descrição: During the COVID-19 pandemic crisis, policymakers used large-scale asset purchases (LSAPs) along with forward guidance about the future path of the federal funds rate to help stabilize financial markets. However, policymakers and economists have yet to reach a consensus on the efficacy of LSAPs in providing accommodation and improving macroeconomic outcomes. Because announced changes in LSAPs often coincide with changes in forward guidance, the market responses to these two tools can be difficult to disentangle and each tool's efficacy challenging to evaluate.
Editor: Kansas City: Federal Reserve Bank of Kansas City
Idioma: Inglês

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