Hicks called this the central bank's "announcement effect," saying that the central bank's policy "should almost immediately result in a shift in expectations," and that "[w]hat I learn from Hawtrey's analysis is that the 'classical' Bank Rate system was strong, or could be strong, in its announcement effects."
This identification of the announcement effect by Hicks is based on the so-called expectations theory with regard to long-term interest rates. He therefore can be said to have pointed out at an early stage the importance of what today is called "forward guidance."