Central bank information and private-sector Expectations

Jochen Güntner

No 2020-07, Economics working papers from Department of Economics, Johannes Kepler University Linz, Austria

Abstract: Jarocinski and Karadi (2020) disentangle a pure information from the interest rate component of monetary policy surprises. This note quantifies the information revealed in FOMC announcements using forecast revisions from Blue Chip Economic Indicators. In response to a positive central bank information shock, survey participants revise their now- and short-term forecasts of real GDP growth upwards, while the corresponding revisions in the growth rate of the GDP deflator are mostly statistically insignificant.

Keywords: Blue Chip Economic Indicators; Central bank information shocks; Forecast revisions (search for similar items in EconPapers)
JEL-codes: E32 E52 E66 (search for similar items in EconPapers)
Date: 2020-04
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: English
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Related works:
Journal Article: Central bank information and private‐sector expectations (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:jku:econwp:2020-07

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