Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/246297 
Year of Publication: 
2020
Series/Report no.: 
Working Paper No. 2007
Publisher: 
Johannes Kepler University of Linz, Department of Economics, Linz
Abstract: 
Jarocinski and Karadi (2020) disentangle a pure information from the interest rate component of monetary policy surprises. This note quantifies the information revealed in FOMC announcements using forecast revisions from Blue Chip Economic Indicators. In response to a positive central bank information shock, survey participants revise their now- and short-term forecasts of real GDP growth upwards, while the corresponding revisions in the growth rate of the GDP de ator are mostly statistically insignificant.
Subjects: 
Blue Chip Economic Indicators
Central bank information shocks
Forecast revisions
JEL: 
E32
E52
E66
Document Type: 
Working Paper

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