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

Listed author(s):
  • Carlo Altavilla
  • Domenico Giannone

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.

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File URL: https://dipot.ulb.ac.be/dspace/bitstream/2013/163480/1/2014-30-ALTAVILA_GIANNONE-effectiveness.pdf
File Function: 2014-30-ALTAVILA_GIANNONE-effectiveness
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Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers ECARES with number ECARES 2014-30.

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Length: 26 p.
Date of creation: May 2014
Publication status: Published by:
Handle: RePEc:eca:wpaper:2013/163480
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