Blar i Arbeidsnotater / Working Papers på forfatter "Xu, Hong"
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Forward Guidance Through Interest Rate Projections: Does It Work?
Brubakk, Leif; Xu, Hong; ter Ellen, Saskia (Working Papers;6/2017, Working paper, 2017)Based on high-frequency data for Norway and Sweden, we investigate to what extent explicit forward guidance from monetary policy makers, by means of publishing the path of expected future policy rates, affects the market ... -
The macroeconomic effects of forward communication
Brubakk, Leif; ter Ellen, Saskia; Robstad, Ørjan; Xu, Hong (Working Paper;20/2019, Working paper, 2019)This paper provides an empirical assessment of the power of forward guidance at different horizons, shedding new light on the strength of the “forward guidance puzzle”. Our identification strategy allows us to disentangle ...