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Where Have the Monetary Surprises Gone? The Effects of FOMC Statements

This paper examines the impact of central bank communication on market expectations of monetary policy and long-term interest rates by comparing Federal Open Market Committee (FOMC) action dates when a policy statement was made to dates before statements were issued. Increased communication has been...

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Bibliographic Details
Main Author: Swiston, Andrew
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2007
Series:IMF Working Papers
Subjects:
Short Term Interest Rates
Long Term Interest Rates
Futures
Macroeconomics
Investments: Futures
Asset Prices
Deflation
Interest Rates: Determination, Term Structure, And Effects
Finance
Pension Funds
Institutional Investors
Price Level
Banks And Banking
Derivative Securities
Prices
Non-bank Financial Institutions
Inflation
Market Interest Rates
Financial Instruments
Interest Rates
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper examines the impact of central bank communication on market expectations of monetary policy and long-term interest rates by comparing Federal Open Market Committee (FOMC) action dates when a policy statement was made to dates before statements were issued. Increased communication has been associated with a reduction in the magnitude of short-term monetary surprises; a greater flow of information about the long-term path of policy that is distinct from the short-term surprise; and a larger role for these long-term surprises in the determination of long-term interest rates
Physical Description:24 pages
ISBN:9781451867497

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