The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data
25 Pages Posted: 30 Aug 2016
Date Written: August 30, 2016
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: Suggested Citation