英語 での Forward guidance の使用例とその 日本語 への翻訳
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However, designing an effective forward guidance is not an easy task.
And its“forward guidance” that it will keep interest rates low is not very credible.
In contrast, the Bank applies forward guidance to QQE as a package.
This means that the Bank also pioneered what in recentyears has come to be called"forward guidance.
As a result, forward guidance was assumed to be the strongest remaining weapon in the armory of the Fed and other central banks.
The second issue relates to the effectiveness of forward guidance in expectation management.
On the other hand, in the world of practice,the Bank of Japan has been a pioneer of such forward guidance.
This could be classified as open-ended forward guidance, linking to the continuation of the zero interest rate policy.
It is necessary to further strengthenmonetary easing through both yield curve control and forward guidance.
Forward guidance menaces markets mainly because it encourages risk taking, over and above that already encouraged by low rates.
Recently, these three central banks have been increasingly emphasizing forward guidance as the key monetary policy tool.
Forward guidance under the ZIRP was of a qualitative nature, stating that it would be continued until deflationary concern was dispelled.
It is extremely important to furtherstrengthen the framework of monetary easing by introducing forward guidance as a new measure.
In theory, forward guidance smoothes the outlook, mitigating risk for businesses and financial institutions, and helping to spur investment.
In addition, in September 2016, the Bank introduced its inflation-overshooting commitment,which is even more powerful forward guidance.
But signalling intentions, through forward guidance or some degree of commitment to an intermediate target, poses a difficult tradeoff.
Asset purchases are regarded as a separate monetary easing policy tool andare supplementing the interest rate policy and forward guidance.
This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range.
This shows that the Bank's thinking has beenclearly communicated to market participants through the introduction of forward guidance Chart 14.
Forward guidance is a measure that guides the future policy path in order to strengthen market confidence and expectations toward monetary policy.
First, with a view to clarifying its stance to persistently continue with the current powerful monetary easing,the Bank introduced forward guidance for policy rates Chart 11.
It is important to design forward guidance to stimulate aggregate demand and inflation expectations so that monetary easing will not become prolonged.
This framework mainly consists of four components: yield curve control, purchases of risky assets,an inflation-overshooting commitment, and forward guidance for policy rates.
Potential modifications of the forward guidance can be illustrated by showing how the Taylor(1999) rule responds to two different shifts in the outlook.
In response, the Bank of Japan implemented a series of unconventional monetary policies ahead of other central banks around the globe, such as the zero interest rate policy,the quantitative easing policy, and forward guidance.
He then explained that forward guidance was introduced to clarify the ECB's assessment of the medium-term outlook for inflation and what its policy reaction function was.
Forward guidance is a measure that makes clear the stance on future policy rates in advance in order to strengthen market confidence and expectations regarding monetary policy.
Therefore, in designing forward guidance, we need to ensure not only the effectiveness of the commitment, but also the flexibility of the future policy conduct, and in a balanced manner.
Before the introduction of forward guidance, quite a few market participants held the view that the Bank would raise policy rates in the near future, which led to market instability in some cases.