Staff Reports
The Effectiveness of Nonstandard Monetary Policy Measures: Evidence from Survey Data
December 2015 Number 752
JEL classification: E58, E65

Authors: Carlo Altavilla and Domenico Giannone

We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures announced by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using survey data collected at the individual level, we analyze the change in forecasts of Treasury and corporate bond yields around the announcement dates of nonstandard monetary policy measures. We find that professional forecasters expect bond yields to drop significantly for at least one year after the announcement of accommodative policies.

Available only in PDFpdf 23 pages / 942 kb
Author disclosure statement(s)
Tools
E-mail Alerts