Lilia Maliar

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Recent Commentary

Analysis and Commentary

Forward Guidance: Is It Useful Away From The Lower Bound?

by Lilia Maliar, John B. Taylorvia The National Bureau Of Economic Research
Tuesday, July 30, 2019

During the recent economic crisis, when nominal interest rates were at their effective lower bounds, central banks used forward guidance announcements about future policy rates to conduct their monetary policy. Many policymakers believe that forward guidance will remain in use after the end of the crisis; however, there is uncertainty about its effectiveness. 

A Tractable Framework for Analyzing A Class Of Nonstationary Markov Models

by Lilia Maliar, Serguei Maliar, John B. Taylor, Inna Tsenervia Economics Working Papers
Monday, May 18, 2015

Economics Working Paper WP15105