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We examine “Forward Guidance Contracts", ie contracts that make central bankers’ utility contingent on the precision of their interest-rate forecasts. We integrate these contracts into the New Keynesian Framework and study how they can be used to overcome a liquidity trap.

After an Introduction, in which we explain the motivation, approach, literature and organization of this research, Chapter 2 presents the micro-foundations of our model and in particular a foundation of the central banker’s utility function when the government offers him a wage contract composed of a fixed wage and a variable component that increases with the accuracy of the interest-rate forecast.