Furthermore, he finds that existing empirical studies have failed to show that markets coordinate on the published forward guidance of central banks. His own research in fact found that in Sweden and Norway, the official path adjusts to the market rather than vice versa, except on short horizons in Sweden where a two-way relationship exists.
Similarly, his review of state-contingent forward guidance concludes that while it has been largely successful in influencing the short end of the yield curve, they have no effect over longer horizons. In general, where state contingent guidance has been given, it is clear that the conditionality relates to inflation and inflation expectations remaining under control.