Forward guidance is a tool used by a central bank to exercise its power in monetary policy in order to influence, with their own forecasts, market expectations of future levels of interest rates.
With forward guidance, central banks promise to keep interest rates lower for a longer period than signaled by traditional reaction function. Central banks try to guide expectations of market participants about the future path of policy.
The strategy can be implemented in an explicit way, expressed through communication of forecasts and future intentions, sometimes known as Odyssean forward guidance. Implied forward guidance also exists, sometimes referred to as Delphic forward guidance. It is a softer and less-binding version of forward guidance to achieve similar effects. Among the main central banks, Delphic forward guidance dominates, although there are a couple of exceptions such as the US Federal Reserve, which makes quite specific but still conditional statements, and the Bank of Japan.
EZB-Ratsmitglied Knot sieht Staffelung des Einlagenzinses skeptisch
EZB-Ratsmitglied Klaas Knot hat seine Skepsis gegenüber einer möglichen Staffelung des Einlagenzinses bekräftigt. „Ich müsste einen klaren geldpolitischen Grund sehen, um das in Erwägung zu ziehen“, sagte der niederländische Notenbankchef dem „Handelsblatt“ (Montagsausgabe). Es müsse zumindest einige Hinweise geben, dass die Negativzinsen die Wirkung der Geldpolitik stören würden, beispielsweise durch sinkende Profitabilität der Banken. Selbst dann sei nicht klar, ob …
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