This paper reviews the experience of major central banks with deploying rate forward guidance based on different forms of conditionality – open-ended, time-based over short/long horizons and threshold-based – and provides an assessment of its effectiveness by comparing the impact on the responsiveness of bond yields to macroeconomic news.
[10] Since the refinancing rate in the TLTRO programme is linked to the policy rate for the main refinancing operations, the attractiveness of TLTRO funding conditions also adjusts in response to these shifts in market expectations. [11] For example, in Zlobins, A.