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

Domenico Giannone and Carlo Altavilla

No 10001, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: 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 (search for similar items in EconPapers)
JEL-codes: E58 E65 (search for similar items in EconPapers)
Date: 2014-06
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (20)

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Related works:
Journal Article: The Effectiveness of Non‐Standard Monetary Policy Measures: Evidence from Survey Data (2017)
Working Paper: The effectiveness of non-standard monetary policy measures: evidence from survey data (2016)
Working Paper: The effectiveness of nonstandard monetary policy measures: evidence from survey data (2015)
Working Paper: The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data (2014)
Working Paper: The effectiveness of non-standard monetary policy measures: evidence from survey data (2014)
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