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Talking about tomorrow’s monetary policy today

Author

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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.

Suggested Citation

  • Puneet Chehal & Bharat Trehan, 2009. "Talking about tomorrow’s monetary policy today," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov9.
    • Handle: RePEc:fip:fedfel:y:2009:i:nov9:n:2009-35
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    Citations

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    Cited by:

    1. Richhild Moessner & David-Jan Jansen & Jakob de Haan, 2017. "Communication About Future Policy Rates In Theory And Practice: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(3), pages 678-711, July.
    2. Moessner, Richhild, 2013. "Effects of explicit FOMC policy rate guidance on interest rate expectations," Economics Letters, Elsevier, vol. 121(2), pages 170-173.
    3. Alan Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2017. "Necessity as the mother of invention: monetary policy after the crisis," Economic Policy, CEPR;CES;MSH, vol. 32(92), pages 707-755.
    4. 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.

    More about this item

    Keywords

    Interest rates; Monetary policy;

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