The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data

28 Pages Posted: 25 Sep 2014

See all articles by Carlo Altavilla

Carlo Altavilla

European Central Bank (ECB)

Domenico Giannone

Federal Reserve Banks - Federal Reserve Bank of New York; Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 2 versions of this paper

Date Written: June 2014

Abstract

We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures undertaken by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using individual survey data, we analyse the changes in forecasting of bond yields around the announcement and implementation dates of non-standard monetary policies. The results indicate that bond yields are expected to drop significantly for at least one year after the announcement and the implementation of accommodative policies.

Keywords: Forward Guidance, Large Scale Asset Purchases, Operation Twist, Quantitative Easing, Survey of Professional Forecasters, Tapering

JEL Classification: E58, E65

Suggested Citation

Altavilla, Carlo and Giannone, Domenico, The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data (June 2014). CEPR Discussion Paper No. DP10001. Available at SSRN: https://ssrn.com/abstract=2501453

Carlo Altavilla (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Domenico Giannone

Federal Reserve Banks - Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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