The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data
28 Pages Posted: 25 Sep 2014
Date Written: June 2014
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: Suggested Citation