Ehrmann, Michael; Fratzscher, Marcel - 2004
) and Bernanke and Kuttner (2003) derive monetary policy
shocks through measures of market expectations obtained from … federal funds futures
contracts. In this paper, we will employ a methodology similar to Bernanke and Kuttner
(2003), by …. The recent paper
by Bernanke and Kuttner (2003) shows that very little of the market’s reaction can be
attributed to the …