NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Forward Guidance: Is It Useful Away from the Lower Bound?

Lilia Maliar, John B. Taylor

NBER Working Paper No. 26053
Issued in July 2019

---- Acknowledgments ----

We would like to thank Adrien Auclert, John Cochrane, Marco Del Negro, Yuriy Gorodnichenko, Serguei Maliar, Emi Nakamura, Matthias Paustian, and Jon Steinsson for their helpful comments. 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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