Finally, it is worth reminding ourselves that while day-to-day implementation structures have attracted a lot of attention over the past decade, the real action in monetary policy was  7  BIS Review 79/1999  elsewhere. What matters most in monetary policy are decisions on the policy stance over the course of the business cycle.
This fact serves to limit the extent to which policy can deliberately shape private expectations. However, the strength of forward guidance is just one manifestation of a very high interest elasticity in the DSGE models typically used by Woodford that shows up pervasively.