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

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  • Carlo Altavilla
  • Domenico Giannone

Abstract

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

Suggested Citation

  • Carlo Altavilla & Domenico Giannone, 2014. "The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data," Working Papers ECARES ECARES 2014-30, ULB -- Universite Libre de Bruxelles.
  • Handle: RePEc:eca:wpaper:2013/163480
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    More about this item

    Keywords

    survey of professional forecasters; large scale asset purchases; quantitative easing; operation twist; forward guidance; 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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