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The effectiveness of non-standard monetary policy measures: evidence from survey data

Author

Listed:
  • Carlo Altavilla

    (European Central Bank)

  • Domenico Giannone

    (LUISS University of Rome, EIEF, ECARES and CEPR)

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

  • Carlo Altavilla & Domenico Giannone, 2014. "The effectiveness of non-standard monetary policy measures: evidence from survey data," Working Papers CASMEF 1406, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    • Handle: RePEc:lui:casmef:1406
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    References listed on IDEAS

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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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