FOMC communications and the predictability of near-term policy decisions
Abstract
In February 1994, the FOMC began a new era in transparency, gradually building a communications apparatus that conveys information about the Committee’s decisions and expectations. Has the new apparatus improved the public’s ability to predict FOMC interest rate decisions? New research based on the prices of fed funds futures shows that over the past decade, it has, especially over horizons of two to three months.Download Info
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Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.
Volume (Year): (2006)
Issue (Month): Jun ()
Pages:
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Keywords: Federal Open Market Committee ; Federal funds rate;References
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Michael Chiu, 2012. "Derivatives markets, products and participants: an overview," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the workshop "Data requirements for monitoring derivative transactions", organised by the People's Bank of China and the Irving Fisher , volume 35, pages 3-11 Bank for International Settlements.
- Menno Middeldorp, 2011.
"FOMC Communication Policy and the Accuracy of Fed Funds Futures,"
Working Papers
11-13, Utrecht School of Economics.
- Menno Middeldorp, 2011. "FOMC communication policy and the accuracy of Fed Funds futures," Staff Reports 491, Federal Reserve Bank of New York.
- James D. Hamilton, 2009.
"Daily Changes in Fed Funds Futures Prices,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 41(4), pages 567-582, 06.
- James D. Hamilton, 2007. "Daily Changes in Fed Funds Futures Prices," NBER Working Papers 13112, National Bureau of Economic Research, Inc.
- Menno Middeldorp, 2011.
"Central bank transparency, the accuracy of professional forecasts, and interest rate volatility,"
Staff Reports
496, Federal Reserve Bank of New York.
- Menno Middeldorp, 2011. "Central Bank Transparency, the Accuracy of Professional Forecasts, and Interest Rate Volatility," Working Papers 11-12, Utrecht School of Economics.
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