Abstract

https://ssrn.com/abstract=2701191
 


 



The Effectiveness of Nonstandard Monetary Policy Measures: Evidence from Survey Data


Domenico Giannone


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

Carlo Altavilla


European Central Bank (ECB)

2015-12-01

FRB of NY Staff Report No. 752

Abstract:     
We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures announced by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using survey data collected at the individual level, we analyze the change in forecasts of Treasury and corporate bond yields around the announcement dates of nonstandard monetary policy measures. We find that professional forecasters expect bond yields to drop significantly for at least one year after the announcement of accommodative policies.

Number of Pages in PDF File: 23

Keywords: Survey of Professional Forecasters, large-scale asset purchases, quantitative easing, Operation Twist, forward guidance, tapering

JEL Classification: E58, E65


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Date posted: December 10, 2015  

Suggested Citation

Giannone, Domenico and Altavilla, Carlo, The Effectiveness of Nonstandard Monetary Policy Measures: Evidence from Survey Data (2015-12-01). FRB of NY Staff Report No. 752. Available at SSRN: https://ssrn.com/abstract=2701191

Contact Information

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)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
LUISS Guido Carli University ( email )
Via O. Tommasini 1
Rome, Roma 00100
Italy
Carlo Altavilla (Contact Author)
European Central Bank (ECB) ( email )
Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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