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.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.ca
- dc.format.mimetype application/pdf*
- dc.identifier.uri http://hdl.handle.net/10230/48367
- dc.language eng
- dc.language.iso engca
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.subject.other Monetary policyca
- dc.subject.other Information channel of monetary policyca
- dc.subject.other Central bank information advantageca
- dc.subject.other Instabilitiesca
- dc.subject.other Time variationca
- dc.subject.other Survey forecastsca
- dc.subject.other Forecastingca
- dc.title Has the information channel of monetary policy disappeared? Revisiting the empirical evidenceca
- dc.type info:eu-repo/semantics/workingPaperca
- dc.type.version info:eu-repo/semantics/updatedVersionca