Assessing expectations of monetary policy

Jens Christensen and Simon Kwan

FRBSF Economic Letter, 2014

Abstract: An ongoing concern has been that the public might misconstrue the Fed?s forward guidance about future monetary policy and underappreciate the extent to which short-term interest rates may vary with future news about the economy. Evidence based on surveys, market expectations, and model estimates show that the public seems to expect a more accommodative policy than Federal Open Market Committee participants. The public also may be less uncertain about these forecasts than policymakers.

Date: 2014
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