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FOMC communications and the predictability of near-term policy decisions

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Author Info
John B. Carlson
Ben Craig
Patrick Higgins
William R. Melick

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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.

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File URL: http://www.clevelandfed.org/Research/commentary/2006/June.pdf
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Publisher Info
Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (2006)
Issue (Month): Jun ()
Pages:
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Handle: RePEc:fip:fedcec:y:2006:i:jun

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Related research
Keywords: Federal Open Market Committee ; Federal funds rate;

Cited by:
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  1. James D. Hamilton, 2007. "Daily Changes in Fed Funds Futures Prices," NBER Working Papers 13112, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-18.

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