In these models, such a commitment would tend to raise inflation expectations and lower longrun nominal rates, thereby inducing households and businesses to spend more today. This use of forward guidance asks more of policymakers than just articulating a reaction function.
In a sense, it requires more of a commitment from policymakers; it requires them to commit to a future path that will not be time consistent if policymakers were only forward  4  Gauti B. Eggertsson and Michael Woodford, “The Zero Bound on Interest Rates and Optimal Monetary Policy,” Brookings Papers on Economic Activity, no. 1, 2003, pp. 139–211.