First, with a highly credible monetary policy and the strongest fiscal position in the G-7, Canadian policy-makers were able to respond swiftly and effectively with extraordinarily accommodative measures.
(2019), “Macroeconomic Effects of the ECB’s Forward Guidance”, Working Paper Series, No 03, Latvijas Banka, the author evaluates the macroeconomic effects of rate forward guidance in the euro area and analyses its interplay with asset purchases using a set of structural vector auto-regressions with both constant and time-varying parameters.