Add to ORKGWe study the effects of monetary policy on economic activity separately identifying the effects of a conventional change in the fed funds rate from the policy of forward guidance. We use a structural VAR identified using external instruments from futures market data. The response of output to a fed funds rate shock is found to be consistent with typical monetary VAR analyses. However, the effect of a forward guidance shock that increases long-term interest rates has an expansionary effect on output. This counterintuitive response is shown to be tied to the asymmetric information between the Federal Reserve and the public
This paper examines the effectiveness of central bank forward guidance under inflation and price-lev...
The global financial crisis 2008-2009 has shown the significance of the financial markets in the tra...
Available online 15 August 2019The viability of forward guidance as a monetary policy tool depends o...
We study the effects of monetary policy on economic activity separately identifying the effects of a...
I estimate the effects of a forward guidance (FG) shock and compare it with a traditional monetary p...
This paper analyzes forward-looking monetary policy rules in structural VAR’s. First, an approach fo...
I identify a forward-looking monetary policy function in a structural VAR model by using forecasts o...
I estimate the effects of the Federal Reserve's forward guidance and large-scale asset purchases, al...
A large output gap accompanied by stable inflation close to its target calls for further monetary ac...
This dissertation consists of three chapters focusing on the transmission of monetary policy surpris...
This paper provides an empirical assessment of the power of forward guidance at different horizons, ...
We pursue a novel empirical strategy to identify a monetary news shock in the U.S. economy. We use ...
This paper compares the effectiveness of date- and state-based forward guidance issued by the Federa...
The federal funds rate became uninformative about the stance of monetary policy from December 2008 t...
A failure to identify movements in the federal funds rate that are both unpredictable and independen...
This paper examines the effectiveness of central bank forward guidance under inflation and price-lev...
The global financial crisis 2008-2009 has shown the significance of the financial markets in the tra...
Available online 15 August 2019The viability of forward guidance as a monetary policy tool depends o...
We study the effects of monetary policy on economic activity separately identifying the effects of a...
I estimate the effects of a forward guidance (FG) shock and compare it with a traditional monetary p...
This paper analyzes forward-looking monetary policy rules in structural VAR’s. First, an approach fo...
I identify a forward-looking monetary policy function in a structural VAR model by using forecasts o...
I estimate the effects of the Federal Reserve's forward guidance and large-scale asset purchases, al...
A large output gap accompanied by stable inflation close to its target calls for further monetary ac...
This dissertation consists of three chapters focusing on the transmission of monetary policy surpris...
This paper provides an empirical assessment of the power of forward guidance at different horizons, ...
We pursue a novel empirical strategy to identify a monetary news shock in the U.S. economy. We use ...
This paper compares the effectiveness of date- and state-based forward guidance issued by the Federa...
The federal funds rate became uninformative about the stance of monetary policy from December 2008 t...
A failure to identify movements in the federal funds rate that are both unpredictable and independen...
This paper examines the effectiveness of central bank forward guidance under inflation and price-lev...
The global financial crisis 2008-2009 has shown the significance of the financial markets in the tra...
Available online 15 August 2019The viability of forward guidance as a monetary policy tool depends o...