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Has the effect of monetary policy announcements on asset prices changed?

Author

Listed:
  • Michael Connolly
  • Taeyoung Doh

Abstract

The Federal Reserve has increased communication about the future path of the federal funds target rate over time. The use of forward guidance as a policy tool has raised questions about changes in how it influences the economy.

Suggested Citation

  • Michael Connolly & Taeyoung Doh, 2013. "Has the effect of monetary policy announcements on asset prices changed?," Macro Bulletin, Federal Reserve Bank of Kansas City, pages 3-4, September.
    • Handle: RePEc:fip:fedkmb:00002
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    Cited by:

    1. Travis J. Berge & Guangye Cao, 2014. "Global effects of U.S. monetary policy: is unconventional policy different?," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 5-31.
    2. Franco Fiordelisi & Ornella Ricci, 2016. "“Whatever it takes”: An Empirical Assessment of the Value of Policy Actions in Banking," Review of Finance, European Finance Association, vol. 20(6), pages 2321-2347.
    3. Thealexa Becker & Andrew Lee Smith, 2015. "Has forward guidance been effective?," Macro Bulletin, Federal Reserve Bank of Kansas City, pages 1-3, September.
    4. Smales, L.A. & Lucey, B.M., 2019. "The influence of investor sentiment on the monetary policy announcement liquidity response in precious metal markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 60(C), pages 19-38.
    5. Smales, L.A. & Apergis, N., 2017. "Does more complex language in FOMC decisions impact financial markets?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 51(C), pages 171-189.
    6. Nada Mora, 2014. "The weakened transmission of monetary policy to consumer loan rates," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 1-26.
    7. Bernhard, Severin & Ebner, Till, 2017. "Cross-border spillover effects of unconventional monetary policies on Swiss asset prices," Journal of International Money and Finance, Elsevier, vol. 75(C), pages 109-127.
    8. Teik-Khim Ooi & Wee-Yeap Lau, 2021. "Impact of Market Expectations on the U.S. Interest Rate Lift-Off in ASEAN-5 Financial System," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 28(2), pages 243-271, June.

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