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

Carlo Altavilla () and Domenico Giannone ()

No ECARES 2014-30, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

Abstract: We assess the perception of professional forecasters regarding the effectiveness of unconventionalmonetary policy measures undertaken by the U.S. Federal Reserve after the collapse of LehmanBrothers. Using individual survey data, we analyse the changes in forecasting of bond yields aroundthe announcement and implementation dates of non-standard monetary policies. The resultsindicate that bond yields are expected to drop significantly for at least one year after theannouncement and the implementation of accommodative policies.

Keywords: survey of professional forecasters; large scale asset purchases; quantitative easing; operation twist; forward guidance; tapering (search for similar items in EconPapers)
JEL-codes: E58 E65 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-for, nep-mac and nep-mon
Date: 2014-05
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Related works:
Journal Article: The Effectiveness of Non‐Standard Monetary Policy Measures: Evidence from Survey Data (2017) Downloads
Working Paper: The effectiveness of non-standard monetary policy measures: evidence from survey data (2016) Downloads
Working Paper: The effectiveness of nonstandard monetary policy measures: evidence from survey data (2015) Downloads
Working Paper: The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data (2014) Downloads
Working Paper: The effectiveness of non-standard monetary policy measures: evidence from survey data (2014) Downloads
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