Impact of Macroeconomic Surprises Changed after Zero Lower Bound
4 Pages Posted: 11 Jul 2017
Date Written: 2017
Macroeconomic surprises involving employment and inflation—reflecting the Fed’s attempts to achieve its dual mandate to promote full employment and price stability—increased in importance during the zero-lower-bound period. Also, market participants were more attentive to housing market indicators and final GDP revisions.
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