We examine the macroeconomic effects of forward guidance shocks at the zero lower bound. Empirically, we identify forward guidance shocks using unexpected changes in futures contracts around monetary policy announcements. We then embed these policy shocks in a vector autoregression to trace out their macroeconomic implications. Forward guidance shocks that lower expected future policy rates lead to moderate increases in economic activity and inflation. After examining forward guidance shocks in the data, we show that a standard model of nominal price rigidity can reproduce our empirical findings. To estimate our theoretical model, we generate a model-implied futures curve which closely links our model with the data. Our results suggest no disconnect between the empirical effects of forward guidance shocks around policy announcements and the predictions from a standard theoretical model.

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Extraction of black locust hcartwood with a scrics of solvcnts, including hcxanc, cthyl acctatc, mcthanol and aqucous acctone, Icft thc normally durablc wood susccptiblc to dccay by thc brown rot fungus Gloeophyllum trabeum.Jhc combincd cxtracts of black locust wcrc ablc to impart a high Icvcl of dccay rcsistance to aspcn, a normally nondurablc wood. Scvcral singlc stagc cxtraction tcchniqucs wcrc also tcstcd with thc mcthanol extract rcmoving thc most dccay rcsistance from btack locust, and providing aspcn with thc most dccay rcsistance. Experimental Extractives content of black locustWood mcal was prcparcd by passing air dried btack locust hcartwood through a planar and collccting the shavings.Thc extractives content of the mcal was thcn dctcrmincd using each of thc solvent Holzforschung / Vol.

Deteriorating economic conditions in late 2008 led the Federal Reserve to lower the target federal funds rate to near zero, inject liquidity through novel facilities, and engage in large‐scale asset purchases. The combination of conventional and unconventional policy measures prevents using the effective federal funds rate to assess the effects of monetary policy beyond 2008. We employ a broad monetary aggregate to elicit the effects of monetary policy shocks both before and after 2008. Our estimates align well with major changes in the Fed's asset purchase programs and yield responses that are free from price, output, and liquidity puzzles that plague other approaches.

Five extraction techniques were used to obtain quantitative measurements of monoterpenes from blue spruce and grand fir needles. Multivariate analysis of variance indicated that there was a significant difference in the amount of each monoterpene extracted by using different techniques. For both species, an 8-hr steam distillation of 10 g of material yielded the greatest amount of each monoterpene. This technique was also the most reproducible in that the coefficients of variation were lowest. A rapid steam distillation was relatively effective for grand fir, but not for blue spruce. A CO2 extraction was unreliable for both species.