Add to ORKGThis paper proposes a novel method to recover the market's beliefs about the Fed's monetary policy by using the responses of interest rates to economic news. We investigate the differential impact of news over time showing that the impact of this information is time varying, and that the importance of the housing and labor markets has sharply increased after the crisis. We follow a difference-in-difference estimation procedure to test for the presence of political constraints in the U.S., employing as control group the response of the European swap rates to macroeconomic announcements. We provide strong evidence that after the crisis of 2007, the Federal Reserve has been subject to the political pressure exerted by the Congress
We separate changes of the federal funds rate into two components; one reflects the Fed's superior f...
Using high-frequency identification, I show that the Federal Reserve significantly influences its po...
This dissertation examines how political institutions, as dynamically affected by voters and legisla...
This paper proposes a novel method to recover the market's beliefs about the Fed's monetary policy b...
Recent economic experiences have demonstrated the importance of understanding departures from fricti...
A political business cycle is tested in a monetary reaction function. Positive evidence is a result ...
A great deal of monetary policy is aimed at steering market expectations but little is known about a...
This paper argues that the Federal Reserve’s failure to control inflation during the 1970s was due t...
Honors Mention, OSU Denman Research ForumCongress gives the Fed operational independence to implemen...
The question of how do the monetary policy translate across the yield curve remain at the forefront ...
We construct an empirical model of U.S. monetary policy assuming that the Federal Reserve is an ordi...
This dissertation examines how political institutions, as dynamically affected by voters and legisla...
This paper uses the conventional wisdom about the shift in the monetary policy stance in 1979 to com...
Given that Nordhaus' political business cycle theory is relevant at election cycle frequency and tha...
The U.S. Great Inflation of the 1970s was characterized by repeated, failed attempts at disinflation...
We separate changes of the federal funds rate into two components; one reflects the Fed's superior f...
Using high-frequency identification, I show that the Federal Reserve significantly influences its po...
This dissertation examines how political institutions, as dynamically affected by voters and legisla...
This paper proposes a novel method to recover the market's beliefs about the Fed's monetary policy b...
Recent economic experiences have demonstrated the importance of understanding departures from fricti...
A political business cycle is tested in a monetary reaction function. Positive evidence is a result ...
A great deal of monetary policy is aimed at steering market expectations but little is known about a...
This paper argues that the Federal Reserve’s failure to control inflation during the 1970s was due t...
Honors Mention, OSU Denman Research ForumCongress gives the Fed operational independence to implemen...
The question of how do the monetary policy translate across the yield curve remain at the forefront ...
We construct an empirical model of U.S. monetary policy assuming that the Federal Reserve is an ordi...
This dissertation examines how political institutions, as dynamically affected by voters and legisla...
This paper uses the conventional wisdom about the shift in the monetary policy stance in 1979 to com...
Given that Nordhaus' political business cycle theory is relevant at election cycle frequency and tha...
The U.S. Great Inflation of the 1970s was characterized by repeated, failed attempts at disinflation...
We separate changes of the federal funds rate into two components; one reflects the Fed's superior f...
Using high-frequency identification, I show that the Federal Reserve significantly influences its po...
This dissertation examines how political institutions, as dynamically affected by voters and legisla...