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Has the information channel of monetary policy disappeared? Revisiting the empirical evidence

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dc.contributor.author Hoesch, Lukas
dc.contributor.author Rossi, Barbara, 1971-
dc.contributor.author Sekhposyan, Tatevik
dc.date.accessioned 2021-09-02T11:07:07Z
dc.date.available 2021-09-02T11:07:07Z
dc.date.issued 2021-07
dc.identifier.uri http://hdl.handle.net/10230/48367
dc.description.abstract Does the Federal Reserve have an “information advantage” in forecasting macroeconomic variables beyond what is known to private sector forecasters? And are market participants reacting only to monetary policy shocks or also to information on the future state of the economy that the Federal Reserve communicates in its announcements via an “information channel”? This paper investigates the evolution of both the information advantage and information channel over time. Although they appear to be important historically, we find substantially weaker empirical evidence of their presence in the recent years once instabilities are accounted for.
dc.format.mimetype application/pdf
dc.language eng
dc.language.iso eng
dc.subject.other Monetary policy
dc.subject.other Information channel of monetary policy
dc.subject.other Central bank information advantage
dc.subject.other Instabilities
dc.subject.other Time variation
dc.subject.other Survey forecasts
dc.subject.other Forecasting
dc.title Has the information channel of monetary policy disappeared? Revisiting the empirical evidence
dc.type info:eu-repo/semantics/workingPaper
dc.rights.accessRights info:eu-repo/semantics/openAccess
dc.type.version info:eu-repo/semantics/updatedVersion


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