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The impact of changes in FOMC disclosure practices on the transparency of monetary policy: are markets and the FOMC better "synched"?

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  • William Poole
  • Robert H. Rasche

Abstract

This analysis examines how expectations of market participants about future Federal Open Market Committee policy actions have changed over the period since 1989, during which the FOMC made a sequence of changes to improve the transparency of monetary policy.

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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2003)
Issue (Month): Jan ()
Pages: 1-10

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Handle: RePEc:fip:fedlrv:y:2003:i:jan:p:1-10:n:v.85no.1

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Related research

Keywords: Monetary policy - United States ; Federal Open Market Committee;

References

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  1. William Poole & Robert H. Rasche, 2000. "Perfecting the market's knowledge of monetary policy," Working Papers 2000-010, Federal Reserve Bank of St. Louis.
  2. Kenneth N. Kuttner, 2000. "Monetary policy surprises and interest rates: evidence from the Fed funds futures markets," Staff Reports 99, Federal Reserve Bank of New York.
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Citations

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Cited by:
  1. Michael Ehrmann & Marcel Fratzscher, 2007. "Transparency, Disclosure, and the Federal Reserve," International Journal of Central Banking, International Journal of Central Banking, vol. 3(1), pages 179-225, March.
  2. Geraats, P. & Eijffinger, S.C.W. & Cruijsen, C.A.B. van der, 2006. "Does Central Bank Transparancy Reduce Interest Rates?," Discussion Paper 2006-11, Tilburg University, Center for Economic Research.
  3. Nautz, Dieter & Schmidt, Sandra, 2009. "Monetary policy implementation and the federal funds rate," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1274-1284, July.
  4. Tuysuz, Sukriye, 2007. "The effects of a greater central bank credibility on interest rates level and volatility response to news in the U.K," MPRA Paper 5263, University Library of Munich, Germany.
  5. Blinder, Alan S. & Ehrmann, Michael & de Haan, Jakob & Fratzscher, Marcel & Jansen, David-Jan, 2008. "Central Bank communication and monetary policy: a survey of theory and evidence," Working Paper Series 0898, European Central Bank.
  6. Papadamou, Stephanos, 2013. "Market anticipation of monetary policy actions and interest rate transmission to US Treasury market rates," Economic Modelling, Elsevier, vol. 33(C), pages 545-551.
  7. Carin van der Cruijsen & Sylvester Eijffinger, 2007. "The economic impact of central bank transparency: a survey," DNB Working Papers 132, Netherlands Central Bank, Research Department.
  8. Tamim Bayoumi & Trung Bui, 2011. "Unforeseen Events Wait Lurking," IMF Working Papers 11/183, International Monetary Fund.
  9. Troy Davig & Jeffrey R. Gerlach, 2006. "Monetary Policy, the Bond Market, and Changes in FOMC Communication Policy," Working Papers 31, Department of Economics, College of William and Mary.
  10. TUYSUZ, Sukriye, 2007. "Central Bank transparency and the U.S. interest rates level and volatility response to U.S. news," MPRA Paper 5217, University Library of Munich, Germany.
  11. DE CEUSTER, Marc J.K. & LI, Jie & ZHANG, Hairui, 2012. "Did federal funds target rate changes affect the market value of insurance compagnies?," Working Papers 2012027, University of Antwerp, Faculty of Applied Economics.

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