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The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data

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  • Giannone, Domenico
  • Altavilla, Carlo

Abstract

We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures undertaken by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using individual survey data, we analyse the changes in forecasting of bond yields around the announcement and implementation dates of non-standard monetary policies. The results indicate that bond yields are expected to drop significantly for at least one year after the announcement and the implementation of accommodative policies.

Suggested Citation

  • Giannone, Domenico & Altavilla, Carlo, 2014. "The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data," CEPR Discussion Papers 10001, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:10001
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    More about this item

    Keywords

    Forward guidance; Large scale asset purchases; Operation twist; Quantitative easing; Survey of professional forecasters; Tapering;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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