Talking about tomorrow’s monetary policy today
AbstractAs part of their efforts to promote economic recovery, some central banks have announced they will not raise policy rates for specified time periods. Other central banks have not been as explicit, though they have provided guidance. A comparison of the effects of the Bank of Canada's conditional promise to hold rates steady through the second quarter of 2010 with the Federal Reserve's less explicit guidance finds no evidence that market participants make distinctions between these statements.
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Bibliographic InfoArticle provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.
Volume (Year): (2009)
Issue (Month): nov9 ()
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- Nakazono, Yoshiyuki & Ueda, Kozo, 2013.
"Policy commitment and market expectations: Lessons learned from survey based evidence under Japan's quantitative easing policy,"
Japan and the World Economy,
Elsevier, vol. 25, pages 102-113.
- Yoshiyuki Nakazono & Kozo Ueda, 2011. "Policy Commitment and Market Expectations: Lessons Learned from Survey Based Evidence under Japan's Quantitative Easing Policy," IMES Discussion Paper Series 11-E-12, Institute for Monetary and Economic Studies, Bank of Japan.
- Moessner, Richhild, 2013. "Effects of explicit FOMC policy rate guidance on interest rate expectations," Economics Letters, Elsevier, vol. 121(2), pages 170-173.
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