Online First Journal of Money, Credit and Banking Online 23 Jun 2025Interest Rate Pegs and the Reversal Puzzle: On the Role of AnticipationRafael Gerke · Sebastian Giesen · Daniel KienzlerThis paper revisits the "reversal puzzle" — the counterintuitive result, first documented by Carlstrom, Fuerst and Paustian (CFP, 2015), that in standard New Keynesian models the effect of forward …