Borradores de Economia
Número:
811
Publicado:
Clasificación JEL:
E47, E52, E58
Palabras clave:
Forward guidance, Escape clause, Zero lower bound, Central bank communication
Lo más reciente
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Pronosticando inflaciones de canastas de alimentos desagregadas en Colombia usando un modelo XGBoost
Cesar Anzola-Bravo, Poveda-Olarte Paola
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