Forward guidance jako instrument polityki pieniężnej - możliwości wykorzystania
The Possibilities of Using Forward Guidance as an Instrument of Monetary Policy

Summary/Abstract: Communication policy of central banks in the framework of direct in$ation targeting strategy and related strategies is important. Its tools include forward guidance as a method of influencing the expectations of market participants. Although forward guidance was used before the outbreak of the financial crisis, it was not popular. After 2008, under conditions of zero interest rate, monetary authorities have begun to use the forward guidance as an unconventional and effective instrument allowing monetary policy to have impact on market interest rates. However, the risks when using forward guidance include the possibility of misinterpretation of the conditional nature of the declaration of the monetary authorities.

• Details
• Contents