Montag, 26. August 2013

Zentralbank-Marketing

Die BoE und die EZB machen deutlich, dass sie den Begriff "forward guidance" nur als "Marketing" nutzen ... darunter aber nicht das verstehen, als was das Konzept in der Literatur eingeführt wurde.

John Taylor berichtet darüber aus Jackson Hole:
"Bean put it simply: Forward guidance “is intended primarily to clarify our reaction function.” By reaction function he meant a description of how the policy interest rate will react to economic variables; in other words, it’s a monetary policy rule.  Bean further clarified that forward guidance at the BoE is not, as some have suggested, a statement that the policy interest rate will be lower in the future than would be appropriate when the future arrives. The intention is not “to inject additional stimulus by pre-committing to a time-inconsistent ‘longer for longer’ policy path,”  Bean said.

For the Jackson Hole regulars Bean emphasized that forward guidance at the Bank of England is not what Michael Woodford proposed in a paper at last year’s Jackson Hole conference. Woodford’s widely cited paper called for central banks that are at the zero lower bound for the interest rate to commit to keeping the interest rate at zero well into the future and importantly well beyond the time when economic conditions would call for a rate above zero.  Woodford argued that such a commitment on future short rates is needed to get long term interest rates down.

In a separate session at the conference, Frank Smets said essentially the same thing as Bean about the new forward guidance at the ECB, explaining that “We are just trying to be transparent about our policy intentions.”  He also emphasized the difference with the Woodford paper of last year."
Not so the Fed:
"At least as described by Bean and Smets, BoE and ECB forward guidance is quite different from Fed forward guidance, which has important elements of Woodford’s proposal. The Fed’s policy calls for keeping the interest rate at zero until the unemployment rate gets down to 6.5%. But by that time the best guess of the Fed’s reaction function, based on paper by Janet Yellen, would call for a rate above zero. So there’s the inconsistency that Bean said the BoE wants to avoid."

Keine Kommentare:

Kommentar veröffentlichen