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Monetary Policy Surprises and Monetary Policy Uncertainty

Michiel De Pooter, Giovanni Favara (), Michele Modugno () and Jason Wu ()

No 2018-05-18, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: In this note we find that after a given monetary policy surprise, primary dealers--key intermediaries in interest rate markets--tend to adjust their positions in the U.S. Treasury market and their exposures to interest rates more when the prevailing level of policy uncertainty is low than when it is high.

Date: 2018-05-18
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2018-05-18

DOI: 10.17016/2380-7172.2176

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