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

25 Pages Posted: 30 Aug 2016

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: August 30, 2016

Abstract

We assess professional forecasters’ perceptions of the effects of the unconventional monetary policy measures announced by the US Federal Reserve after the collapse of Lehman Brothers. Using survey data, collected at individual level, we analyze the change in the forecasts for Treasury and corporate bond yields around the announcement dates of the non-standard measures. We find that forecasters expected bond yields to drop significantly for at least one year after the announcement of accommodative policies.

Keywords: survey of professional forecasters, large scale asset purchases, quantitative easing, operation twist, forward guidance, tapering

JEL Classification: E58, E65

Suggested Citation

Altavilla, Carlo and Giannone, Domenico, The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data (August 30, 2016). ECB Working Paper No. 1951. Available at SSRN: https://ssrn.com/abstract=2832010

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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