Do Actions Speak Louder Than Words?: The Response of Asset Prices to Monetary Policy Actions and StatementsDivisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2004 - 21 pages |
From inside the book
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Page 5
... FOMC did not explicitly announce changes in its target for the federal funds rate , but such changes were implicitly communicated to financial markets through the size and type of open market operation . Thus , prior to 1994 , the date ...
... FOMC did not explicitly announce changes in its target for the federal funds rate , but such changes were implicitly communicated to financial markets through the size and type of open market operation . Thus , prior to 1994 , the date ...
Page 6
... federal funds rate target using federal funds futures . We use the surprise component of monetary policy announcements in estimating regression ( 2.1 ) because changes in policy that are expected by financial markets should have little ...
... federal funds rate target using federal funds futures . We use the surprise component of monetary policy announcements in estimating regression ( 2.1 ) because changes in policy that are expected by financial markets should have little ...
Page 18
... FOMC statements convey information not just about the future course of monetary policy , but also about the intermediate - term outlook for economic activity . A large positive realization of the path factor , for example , might be ...
... FOMC statements convey information not just about the future course of monetary policy , but also about the intermediate - term outlook for economic activity . A large positive realization of the path factor , for example , might be ...
Common terms and phrases
0.2 Policy surprise 11:30am Open Market 2:15pm Post-Meeting Press asset prices Auto Sales Bank Brian Sack Change Press Release current federal funds dates Discount Rate Change Economics Discussion Series effects of monetary employment report release estimated factor Z₁ Factory Orders federal funds futures federal funds rate Federal Reserve Board financial markets FOMC announcements FOMC decision FOMC meeting FOMC statements FOMC's forward rate Funds Futures Contracts funds rate target futures rate Gürkaynak Home Sales Housing Starts Inflation Interest Rates Intermeeting intraday data January July Kuttner macroeconomic Market Operation Open matrix monetary policy actions monetary policy announcements Monetary Policy Surprises Number Open Market Operation Operation Open Market path factor Piazzesi Post-Meeting Press Release Press Release 2:15pm Press Release Open Press Release Post-Meeting Rate Change Press Refet regression Release Post-Meeting Press Response of Asset Rigobon Starts and Permits std err surprise component Takeshi Kimura target factor Tight Window variables Wide Window yield curve