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The daily and policy-relevant liquidity effects
Thornton, Daniel L. - 2008
The phrase “liquidity effect” was introduced by Milton Friedman (1969) to describe the first of three effects on interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using monthly and quarterly data using various monetary...
Persistent link: https://www.econbiz.de/10011605030
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FOMC communication and interest rate sensitivity to news
Tang, Jenny - 2017
In this paper, I examine whether communications by the Federal Open Market Committee (FOMC) play a role in determining … intensity with which FOMC statements and meeting minutes discussed labor relative to other topics. I find that these labor topic …
Persistent link: https://www.econbiz.de/10012059584
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Should the Fed regularly evaluate its monetary policy framework?
Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Rosengren, Eric S. - 2018
Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe that spans the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were...
Persistent link: https://www.econbiz.de/10012059599
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Monetary policy communication shocks and the macroeconomy
Goodhead, Robert; Kolb, Benedikt - 2018
Using federal funds futures data, we show the importance of surprise communication as a component of monetary policy for U.S. macro variables, both before and after 2008. While Gürkaynak et al. (2005) stress the importance of monetary policy communication for asset prices, much of the...
Persistent link: https://www.econbiz.de/10011939417
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Identification of systematic monetary policy
Hack, Lukas; Istrefi, Klodiana; Meier, Matthias - 2023
historical composition of hawks and doves in the Federal Open Market Committee (FOMC) with (ii) an instrument that leverages the … mechanical FOMC rotation of voting rights. We apply our design to study the effects of government spending shocks. We find fiscal … multipliers between two and three when the FOMC is dovish and below zero when it is hawkish. Narrative evidence from historical …
Persistent link: https://www.econbiz.de/10014543651
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A reassessment of monetary policy surprises and high-frequency identification
Bauer, Michael D.; Swanson, Eric T. - 2022
High-frequency changes in interest rates around FOMC announcements are an important tool for identifying the effects of … available prior to the FOMC announcement. We address these concerns in two ways: First, we expand the set of monetary policy …
Persistent link: https://www.econbiz.de/10013170786
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A Reassessment of Monetary Policy Surprises and High-Frequency Identification
Bauer, Michael D.; Swanson, Eric T. - 2022
High-frequency changes in interest rates around FOMC announcements are an important tool for identifying the effects of … available prior to the FOMC announcement. We address these concerns in two ways: First, we expand the set of monetary policy …
Persistent link: https://www.econbiz.de/10013266607
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Voting right rotation, behavior of committee members and financial market reactions: Vidence from the U.S. Federal Open Market Committee
Ehrmann, Michael; Tietz, Robin; Visser, Bauke - 2021
Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of the committee. Does voting status change...
Persistent link: https://www.econbiz.de/10012605265
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Voting right rotation, behavior of committee members and financial market reactions: Evidence from the U.S. Federal Open Market Committee
Ehrmann, Michael; Tietz, Robin; Visser, Bauke - 2021
Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of the committee. Does voting status change...
Persistent link: https://www.econbiz.de/10012606016
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Forecasting FOMC forecasts
Kalfa, S. Yanki; Marquez, Jaime R. - In: Econometrics 9 (2021) 3, pp. 1-20
. Monetary policy is forward-looking, and as part of the FOMC's effort toward transparency, the FOMC publishes its (forward …-looking) economic projections. The overall views on the economy of the FOMC participants-as characterized by the median of their … the time of the FOMC's meeting. Their projections also communicate systematic behavior on the part of the FOMC …
Persistent link: https://www.econbiz.de/10012696339