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We quantify the informational content of statements issued by the interest-rate setting committee of the Central Bank of Brazil (COPOM), building on the methodology developed by Lucca and Trebbi (2011). Using Google search queries, we measure the extent to which each COPOM statement is perceived...
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This paper characterizes geometrically the set of all Nash equilibrium payoffs achievable with unmediated communication …
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This paper characterizes geometrically the set of all Nash equilibrium payoffs achievable with unmediated communication …
Persistent link: https://www.econbiz.de/10003301085
We combine questions from the Michigan Survey about the future path of prices, interest rates, and unemployment to investigate whether households are aware of the basic features of U.S. monetary policy. Our ndings support the view that at least some groups of households form their expectations...
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how the ZLB affected the Fed's ability to conduct policy, we estimate the effects of Fed communication on yields of … different maturities in the pre-ZLB and ZLB periods. Before the ZLB period, communication affects both short- and long …-dated yields. In contrast, during the ZLB period, the reaction of yields to communication is concentrated in longer-dated yields …
Persistent link: https://www.econbiz.de/10011456500
This paper characterizes geometrically the set of all Nash equilibrium payoffs achievable with unmediated communication …
Persistent link: https://www.econbiz.de/10012778541