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Learning and the effectiveness of central bank forward guidance

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Figure

Table 1: Parameter Values
Figure 1: Impulse Responses of Endogenous Variables to Unanticipated and Forward GuidanceShocks
Figure 2: Impulse Responses of Endogenous Variables to Forward Guidance Shocks. Solid Line:Rational Expectations; Dashed Line: CGL; Dotted Lines: 95% Confidence Bands.
Figure 3: Dynamics of the Output Gap and Inflation in Response to Forward Guidance. SolidLine: Rational Expectations; Dashed Line: CGL; Dotted Lines: 95% Confidence Bands.
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