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Expectations for monetary policy liftoff

Author

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  • Michael D. Bauer
  • Glenn D. Rudebusch

Abstract

The Federal Reserve has indicated that it may raise the federal funds rate from its current value near zero in 2015. This forward policy guidance is broadly consistent with expectations from business surveys on the most likely timing for the funds rate liftoff. It also appears in line with estimates of policy liftoff from forward interest rates derived from Treasury yields. However, in interpreting forward rates, it is important to account for the zero lower bound on interest rates.

Suggested Citation

  • Michael D. Bauer & Glenn D. Rudebusch, 2013. "Expectations for monetary policy liftoff," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov18.
    • Handle: RePEc:fip:fedfel:y:2013:i:nov18:n:2013-34
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    File URL: http://www.frbsf.org/economic-research/publications/economic-letter/2013/november/federal-funds-rate-liftoff-increase-monetary-policy/
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    Citations

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    Cited by:

    1. Sri Hari NAIDU. A & Phanindra GOYARI & Bandi KAMAIAH, 2016. "Determinants of sovereign bond yields in emerging economies: Some panel inferences," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 101-118, Autumn.
    2. Tatjana Dahlhaus & Garima Vasishtha, 2014. "The Impact of U.S. Monetary Policy Normalization on Capital Flows to Emerging-Market Economies," Staff Working Papers 14-53, Bank of Canada.
    3. Sri Hari NAIDU. A & Phanindra GOYARI & Bandi KAMAIAH, 2016. "Determinants of sovereign bond yields in emerging economies: Some panel inferences," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 101-118, Autumn.
    4. Fernanda Nechio, 2014. "Fed tapering news and emerging markets," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    5. Roc Armenter, 2015. "On the use of market-based probabilities for policy decisions," Working Papers 15-44, Federal Reserve Bank of Philadelphia.

    More about this item

    Keywords

    Federal funds rate;

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