Central bank information and private-sector expectations

by Jochen Güntner

Jarocinski and Karadi (2020) disentangle a pure information from the interest rate component of monetary policy surprises. This note quantifies the information revealed in FOMC announcements using forecast revisions from Blue Chip Economic Indicators. In response to a positive central bank information shock, survey participants revise their now- and short-term forecasts of real GDP growth upwards, while the corresponding revisions in the growth rate of the GDP de ator are mostly statistically insignificant.

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Year of publication:	[2020]
Authors:	Güntner, Jochen
Publisher:	Linz-Auhof, Austria : Department of Economics, Johannes Kepler University of Linz
Subject:	Blue Chip Economic Indicators \| Central bank information shocks \| Forecast revisions \| Zentralbank \| Central bank \| Geldpolitik \| Monetary policy \| Frühindikator \| Leading indicator \| Schock \| Shock \| Wirtschaftsindikator \| Economic indicator

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Extent:	1 Online-Ressource (circa 13 Seiten) Illustrationen
Series:	Working paper / Department of Economics, Johannes-Kepler-Universität of Linz. - Linz-Auhof, ZDB-ID 2588176-0. - Vol. no. 2007 (April 2020)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/246297 [Handle]
Classification:	E32 - Business Fluctuations; Cycles ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E66 - General Outlook and Conditions
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012201264