The Power of Forward Guidance Revisited

Alisdair McKay, Emi Nakamura, Jón Steinsson

NBER Working Paper No. 20882
Issued in January 2015, Revised in July 2015

---- Acknowledgments ----

We thank Susanto Basu, Gauti Eggertsson, Marc Giannoni, Fatih Guvenen, Nobuhiro Kiyotaki, Benjamin Moll, Michael Peters, Oistein Roisland, Greg Thwaites, Aleh Tsyvinski, NicolasWerquin and seminar participants at various institutions for valuable comments and discussions. We thank the National Science Foundation (grant SES-1056107) for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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