Published rate path has similar effect to other communication – BIS study
Communication is important, but the “exact form” less so, according to research
New research questions whether publishing an expected path for interest rates will have an important effect beyond that of more conventional communications, shedding new light on the debate over the need for explicit rate paths.
The paper, published today (August 29) by the Bank for International Settlements, draws on the communications approach of the Reserve Bank of New Zealand, which always offers qualitative guidance after its policy meetings, but only publishes a rate path every second
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