Özet:

The global financial crisis that has affected the world economy since the last quarter of 2008 has led many central banks to pursue unconventional monetary policies. This has been reflected upon the communication policies of the central banks. As the policy interest rates reached closer to the zero lower bound, central banks of developed economies have started communicating about the future stance of the monetary policy. This tendency was mainly aimed at demolishing the uncertainties while predicting the future policy decisions as well as generating additional accommodation. The so called “forward guidance” has accordingly been used by the central banks of both developed and emerging market economies. This study dwells upon the concept of forward guidance within the perspective of central bank communication. The study discusses the forward guidance implementation of different countries and evaluates the effects as well as challenges of forward guidance. Besides, it deliberates the forward guidance implementations in Turkey.

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