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An Alternative Explanation for the “Fed Information Effect”

Citations

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Cited by:

  1. Ngambou Djatche, Melchisédek Joslem, 2025. "Unveiling the effects of monetary surprises: Risk-taking and credit supply of U.S. banks," International Review of Economics & Finance, Elsevier, vol. 101(C).
  2. Giancarlo Corsetti & Keith Kuester & Gernot J. Müller & Sebastian Schmidt & Ben Schumann, 2026. "Exchange Rate Insulation Revisited," Berlin School of Economics Discussion Papers 0096, Berlin School of Economics.
  3. Alessandro Franconi & Giacomo Rella, 2026. "Monetary Policy and the Wealth Distribution," Working papers 1064, Banque de France.
  4. Luca Gagliardone & Mark Gertler, 2026. "Oil Prices, Monetary Policy, and Inflation Surges," American Economic Journal: Macroeconomics, American Economic Association, vol. 18(4), pages 468-501, October.
  5. Fofana, Salome & Patzelt, Paula & Reis, Ricardo, 2024. "Household Disagreement about Expected Inflation," CEPR Discussion Papers 18956, Centre for Economic Policy Research.
  6. Andrew C. Chang & Trace J. Levinson, 2020. "Raiders of the Lost High-Frequency Forecasts: New Data and Evidence on the Efficiency of the Fed's Forecasting," Finance and Economics Discussion Series 2020-090, Board of Governors of the Federal Reserve System (U.S.).
  7. Kokonas, Nikolaos & Rousakis, Michalis & Smyrniotis, Efthymios, 2025. "Controlling inflation with central bank news," European Economic Review, Elsevier, vol. 180(C).
  8. Marc Burri & Daniel Kaufmann, 2024. "Measuring monetary policy shocks," IRENE Working Papers 24-03, IRENE Institute of Economic Research.
  9. repec:osf:socarx:hn3pc_v1 is not listed on IDEAS
  10. Nakamura, Fumitaka & Sudo, Nao & Sugisaki, Yu, 2024. "Assessing monetary policy surprises in Japan by high frequency identification," Journal of the Japanese and International Economies, Elsevier, vol. 71(C).
  11. Santiago Camara & Lawrence J. Christiano & Husnu Dalgic, 2026. "When the FedSneezes, the Cold is Transmitted by Trade," CRC TR 224 Discussion Paper Series crctr224_2025_782, University of Bonn and University of Mannheim, Germany.
  12. Dahlhaus, Tatjana & Vasishtha, Garima, 2020. "Monetary policy news in the US: Effects on emerging market capital flows," Journal of International Money and Finance, Elsevier, vol. 109(C).
  13. Liu, Xiao & Zhang, Yabin & Wang, Zhenguo & Rao, Qiao & Yang, Mengmeng, 2026. "Does innovative monetary policy drive stock market performance? Evidence from SFISF in China," Economic Analysis and Policy, Elsevier, vol. 91(C), pages 1626-1652.
  14. Franconi, Alessandro & Rella, Giacomo, 2023. "Monetary Policy across the Wealth Distribution," SocArXiv hn3pc, Center for Open Science.
  15. Gürkaynak, Refet S. & Kara, A. Hakan & Kısacıkoğlu, Burçin & Lee, Sang Seok, 2021. "Monetary policy surprises and exchange rate behavior," Journal of International Economics, Elsevier, vol. 130(C).
  16. Jung, Alexander, 2023. "US monetary policy spillovers to European banks," Working Paper Series 2876, European Central Bank.
  17. Mariana García-Schmidt, 2024. "Is the Information Channel of Monetary Policy Alive in Emerging Markets?," Working Papers Central Bank of Chile 1017, Central Bank of Chile.
  18. Camelia Minoiu & Andrés Schneider & Min Wei, 2023. "Why Does the Yield Curve Predict GDP Growth? The Role of Banks," FRB Atlanta Working Paper 2023-14, Federal Reserve Bank of Atlanta.
  19. Viktoriia Bannikova & Sofya Kolesnik, 2025. "Assessing the predictability of market interest rate changes on Central Bank of Russia press release days," Applied Econometrics, Russian Academy of National Economy and Public Administration (RANEPA), vol. 77, pages 25-45.
  20. Ha, Jongrim & Kim, Dohan & Kose, M. Ayhan & Prasad, Eswar S., 2025. "Resolving puzzles of monetary policy transmission in emerging markets," European Economic Review, Elsevier, vol. 173(C).
  21. Benchora, Inessa & Leroy, Aurélien & Raffestin, Louis, 2025. "Is monetary policy transmission green?," Economic Modelling, Elsevier, vol. 144(C).
  22. Alex Hsu & Indrajit Mitra & Yu Xu & Linghang Zeng, 2023. "The Fed Information Effect and Firm-Level Investment: Evidence and Theory," FRB Atlanta Working Paper 2023-6a, Federal Reserve Bank of Atlanta, revised Mar 2024.
  23. Marc Burri & Daniel Kaufmann, 2026. "Multiple monetary policy shocks from daily data: A heteroskedasticity IV approach," IRENE Working Papers 26-06, IRENE Institute of Economic Research.
  24. Bernardino Adão & Sandra Gomes & Laura Alpizar, 2025. "On how to assess the impact of monetary policy," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
  25. Alex Hsu & Indrajit Mitra & Linghang Zeng, 2023. "The Profitability Channel of Monetary Policy Transmission," FRB Atlanta Working Paper 2023-6, Federal Reserve Bank of Atlanta.
  26. repec:fip:fedawp:97980 is not listed on IDEAS
  27. Jonathan Hambur & Qazi Haque, 2026. "Perceived Monetary Policy Rules: Evidence from Professional Forecasters in Australia," CAMA Working Papers 2026-09, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  28. Schmeling, Maik & Schrimpf, Andreas & Steffensen, Sigurd A.M., 2022. "Monetary policy expectation errors," Journal of Financial Economics, Elsevier, vol. 146(3), pages 841-858.
  29. Hwang, Youngjin, 2025. "Information content in yield curve dynamics: Implications for monetary policy," Journal of Macroeconomics, Elsevier, vol. 83(C).
  30. Sinem Kandemir & Peter Tillmann, 2023. "Not all ECB meetings are created equal," MAGKS Papers on Economics 202312, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  31. Grigoli, Francesco & Sandri, Damiano & Gorodnichenko, Yuriy & Coibion, Olivier, 2026. "Monetary Policy According to Households: Perceptions, Reactions, and Channels," CEPR Discussion Papers 21408, Centre for Economic Policy Research.
  32. Wataru Hagio & Daisuke Ikeda & Koji Takahashi & Keisuke Yoshida, 2026. "Mind the Gap When Exiting Low-for-Long," IMES Discussion Paper Series 26-E-02, Institute for Monetary and Economic Studies, Bank of Japan.
  33. Golez, Benjamin & Matthies, Ben, 2025. "Fed information effects: Evidence from the equity term structure," Journal of Financial Economics, Elsevier, vol. 165(C).
  34. Julian di Giovanni & John Rogers, 2024. "The Impact of U.S. Monetary Policy on Foreign Firms," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(1), pages 58-115, March.
  35. Andreas Schrimpf & Markus Sihvonen, 2025. "Inflation and the joint bond-FX spanning puzzle," BIS Working Papers 1320, Bank for International Settlements.
  36. Firmin Ayivodji & Etienne Briand & Kevin Moran & Dalibor Stevanovic, 2026. "Monetary Policy in the Media Spotlight: Sentiments, Signals, and Economic Impact," Working Papers 26-03, Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management.
  37. Chen, Ziwen, 2026. "Monetary policy surprises and the distribution of art-market returns: evidence from panel quantile local projections," Finance Research Letters, Elsevier, vol. 92(C).
  38. Edilean Kleber da Silva Bejarano Aragon & Gabriela Bezerra de Medeiros & Igor Mendes & Ludyson Abreu, 2026. "Measuring monetary policy shocks and their effects in an emerging economy: the case of Brazil," Empirical Economics, Springer, vol. 70(3), pages 1-27, March.
  39. Keweloh, Sascha A. & Hetzenecker, Stephan & Seepe, Andre, 2023. "Monetary policy and information shocks in a block-recursive SVAR," Journal of International Money and Finance, Elsevier, vol. 137(C).
  40. De Pooter, Michiel & Favara, Giovanni & Modugno, Michele & Wu, Jason, 2021. "Monetary policy uncertainty and monetary policy surprises," Journal of International Money and Finance, Elsevier, vol. 112(C).
  41. Gardner, Ben & Scotti, Chiara & Vega, Clara, 2022. "Words speak as loudly as actions: Central bank communication and the response of equity prices to macroeconomic announcements," Journal of Econometrics, Elsevier, vol. 231(2), pages 387-409.
  42. De Pooter, Michiel & Favara, Giovanni & Modugno, Michele & Wu, Jason, 2021. "Reprint: Monetary policy uncertainty and monetary policy surprises," Journal of International Money and Finance, Elsevier, vol. 114(C).
  43. Andrew B. Martinez, 2025. "How do Macroeconomic Expectations React to Extreme Weather Shocks?," Working Papers 2025-001, The George Washington University, The Center for Economic Research.
  44. F. Boissay & F. Collard & C. Manea & A. Shapiro, 2025. "Monetary Tightening and Financial Stress During Supply- versus Demand-Driven Inflation," International Journal of Central Banking, International Journal of Central Banking, vol. 21(2), pages 147-220, April.
  45. Sylvérie Herbert & Paul Hubert & Mathias Lé, 2025. "When does Monetary Policy Matter? Policy Stance vs. Term Premium News 1," Sciences Po Economics Publications (main) hal-05481635, HAL.
  46. Kelly Shue & Richard Townsend & Chen Wang, 2024. "Categorical Thinking About Interest Rates," CESifo Working Paper Series 11558, CESifo.
  47. Zhao Han & Chengcheng Jia, 2023. "Asymmetric Information, Two-Way Learning, and the Fed Information Effect," Working Papers 23-32R, Federal Reserve Bank of Cleveland, revised 02 Oct 2025.
  48. Artyom Ghazaryan & Anahit Matinyan & Gevorg Minasyan & Aleksandr Shirkhanyan, 2026. "Identifying monetary policy shocks in a small open economy: a high-frequency and narrative approaches in Armenia," Working Papers WP-2026-01, Central Bank of Armenia.
  49. Ariadne Checo & Mr. Francesco Grigoli & Mr. Damiano Sandri, 2024. "Monetary Policy Transmission in Emerging Markets: Proverbial Concerns, Novel Evidence," IMF Working Papers 2024/093, International Monetary Fund.
  50. Golez, Benjamin & Kelly, Peter & Matthies, Ben, 2025. "FOMC news and segmented markets," Journal of Accounting and Economics, Elsevier, vol. 79(2).
  51. Dahlhaus, Tatjana & Vasishtha, Garima, 2021. "Reprint: Monetary policy news in the US: Effects on emerging market capital flows," Journal of International Money and Finance, Elsevier, vol. 114(C).
  52. Dimitris Korobilis, 2025. "Exploring Monetary Policy Shocks with Large-Scale Bayesian VARs," Working Papers No 05/2025, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
  53. Mattia Bevilacqua & Jon Danielsson & Lerby Ergun & Andreas Uthemann & Jean-Pierre Zigrand, 2026. "Central Bank Crisis Interventions and the Term Structure of Market Fear," Staff Working Papers 26-17, Bank of Canada.
  54. Hie Joo Ahn & Leland E. Farmer, 2024. "Disagreement About the Term Structure of Inflation Expectations," Finance and Economics Discussion Series 2024-084, Board of Governors of the Federal Reserve System (U.S.).
  55. Boissay, Frederic & Collard, Fabrice & Manea, Cristina & Shapiro, Adam, 2023. "Monetary Tightening, Inflation Drivers and Financial Stress," CEPR Discussion Papers 18694, Centre for Economic Policy Research.
  56. Corneli, Flavia & Ferriani, Fabrizio & Gazzani, Andrea, 2023. "Macroeconomic news, the financial cycle and the commodity cycle: The Chinese footprint," Economics Letters, Elsevier, vol. 231(C).
  57. Luca Baldo & Marco Bernardini, 2025. "What drives policy rate expectations? Evidence from the post-pandemic monetary policy cycle," Temi di discussione (Economic working papers) 1500, Bank of Italy, Economic Research and International Relations Area.
  58. Kostika, Eleftheria & Siameti, Panagiota & Dotsis, George, 2025. "Monetary policy effects on freight rates of dry bulk vessels," International Economics, Elsevier, vol. 182(C).
  59. Efrem Castelnuovo & Giovanni Pellegrino & Laust L. Saerkjaer, 2025. "Monetary Policy Shocks and Narrative Restrictions: Rules Matter," "Marco Fanno" Working Papers 0328, Dipartimento di Scienze Economiche "Marco Fanno".
  60. Cory Baird & Jonathan Benchimol & Vira Vyshnevska & Wook Sohn & Iegor Vyshnevskyi, 2026. "The monetary policy statement database," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data science in central banking, volume 67, Bank for International Settlements.
  61. Fatih Kansoy & Dominykas Stasiulaitis, 2025. "Green Shields: The Role of ESG in Uncertain Times," Economics Series Working Papers 1082, University of Oxford, Department of Economics.
  62. Martin Baumgärtner & Jens Klose, 2021. "Why central banks announcing liquidity injections is more effective than forward guidance," International Finance, Wiley Blackwell, vol. 24(2), pages 236-256, August.
  63. List, Sophia & Metiu, Norbert, 2025. "Monetary policy, central bank information, and bank lending: Evidence from German banks," Discussion Papers 06/2025, Deutsche Bundesbank.
  64. Fatih Kansoy & Dominykas Stasiulaitis, 2025. "Green Shields: The Role of ESG in Uncertain Time," Papers 2506.02143, arXiv.org.
  65. Nguyen, Lam, 2025. "Bayesian inference in proxy SVARs with incomplete identification: Re-evaluating the validity of monetary policy instruments," Journal of Monetary Economics, Elsevier, vol. 155(C).
  66. Assenmacher, Katrin & Glöckler, Gabriel & Holton, Sarah & Trautmann, Peter & Ioannou, Demosthenes & Mee, Simon & Alonso, Conception & Argiri, Eleni & Arigoni, Filippo & Bakk-Simon, Klára & Bergbauer, , 2021. "Clear, consistent and engaging: ECB monetary policy communication in a changing world," Occasional Paper Series 274, European Central Bank.
  67. Martin Baumgaertner, 2022. "Financial Markets and ECB Monetary Policy Communication – A Second QE Surprise," MAGKS Papers on Economics 202203, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  68. Davig, Troy & Foerster, Andrew, 2023. "Communicating Monetary Policy Rules," European Economic Review, Elsevier, vol. 151(C).
  69. Husnu C. Dalgic, 2025. "When Is Liquidity Bad?," CRC TR 224 Discussion Paper Series crctr224_2025_723, University of Bonn and University of Mannheim, Germany.
  70. Jarociński, Marek, 2022. "Central bank information effects and transatlantic spillovers," Journal of International Economics, Elsevier, vol. 139(C).
  71. Jordan Roulleau-Pasdeloup, 2026. "The Response of Consumption to Interest Rates with Borrowing Constraints: An Analytical Approach," Papers 2609.09888, arXiv.org.
  72. Braun, Robin & Miranda-Agrippino, Silvia & Saha, Tuli, 2025. "Measuring monetary policy in the UK: The UK monetary policy event-study database," Journal of Monetary Economics, Elsevier, vol. 149(C).
  73. Li, Z. M. & Linton, O. B. & Zhai, Y. & Zhang, H., 2026. "Designing High-Frequency Market Liquidity Measures with Applications to Monetary Policy," Cambridge Working Papers in Economics 2639, Faculty of Economics, University of Cambridge.
  74. Donato Masciandaro, 2026. "Monetary Policy and Taylor Reaction Functions: Business Cycles, Central Bank Governance and Central Bankers’ Preferences," BAFFI CAREFIN Working Papers 26270, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
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