The effectiveness of nonstandard monetary policy measures: evidence from survey data

Carlo Altavilla and Domenico Giannone

No 752, Staff Reports from Federal Reserve Bank of New York

Abstract: We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures announced by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using survey data collected at the individual level, we analyze the change in forecasts of Treasury and corporate bond yields around the announcement dates of nonstandard monetary policy measures. We find that professional forecasters expect bond yields to drop significantly for at least one year after the announcement of accommodative policies.

Keywords: forward guidance; large-scale asset purchases; tapering; Operation Twist; Survey of Professional Forecasters (SPF); quantitative easing (search for similar items in EconPapers)
JEL-codes: E58 E65 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2015-12-01
New Economics Papers: this item is included in nep-for, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.newyorkfed.org/medialibrary/media/rese ... orts/sr752.pdf?la=en Full text (application/pdf)

Related works:
Journal Article: The Effectiveness of Non‐Standard Monetary Policy Measures: Evidence from Survey Data (2017)
Working Paper: The effectiveness of non-standard monetary policy measures: evidence from survey data (2016)
Working Paper: The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data (2014)
Working Paper: The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data (2014)
Working Paper: The effectiveness of non-standard monetary policy measures: evidence from survey data (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednsr:752

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Staff Reports from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().