Table 5 Open in new tab Matching...

	Δ Long-term inflation expectations
$Δ p^{ZLB, 6}$	−0.29***	−0.30***	−0.29***
	(0.06)	(0.03)	(0.04)
Obs	2583	50	50

	Δ Long-term inflation expectations
$Δ p^{ZLB, 6}$	−0.29***	−0.30***	−0.29***
	(0.06)	(0.03)	(0.04)
Obs	2583	50	50

Table 5

Matching empirical evidence using alternative policies in the model

	Δ Long-term inflation expectations
	Data	Model
	Target moment	Forward guidance	Asset purchases
$Δ p^{ZLB, 6}$	−0.29***	−0.30***	−0.29***
	(0.06)	(0.03)	(0.04)
Obs	2583	50	50

	Δ Long-term inflation expectations
	Data	Model
	Target moment	Forward guidance	Asset purchases
$Δ p^{ZLB, 6}$	−0.29***	−0.30***	−0.29***
	(0.06)	(0.03)	(0.04)
Obs	2583	50	50

Data Note: See Section 2.2 for additional details. For the data moment, standard errors are bootstrapped using 10,000 replications of a moving-block bootstrap design with a block size of 60 business days.

***

implies that the 99% bootstrapped confidence interval excludes zero.

Model Note: See Section 3 for additional details. For the model moments, OLS standard errors are shown in parenthesis. *** implies that the P-value is less than .01.

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