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Talking about tomorrow’s monetary policy today

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  • Puneet Chehal
  • Bharat Trehan

Abstract

As 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 Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2009)
Issue (Month): nov9 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2009:i:nov9:n:2009-35

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Keywords: Monetary policy ; Interest rates;

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Cited by:
  1. 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.
  2. 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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