Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/130647
Authors: 
Altavilla, Carlo
Giannone, Domenico
Year of Publication: 
2015
Series/Report no.: 
Staff Report, Federal Reserve Bank of New York 752
Abstract: 
We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures announced by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using survey data collected at the individual level, we analyze the change in forecasts of Treasury and corporate bond yields around the announcement dates of nonstandard monetary policy measures. We find that professional forecasters expect bond yields to drop significantly for at least one year after the announcement of accommodative policies.
Subjects: 
Survey of Professional Forecasters
large-scale asset purchases
quantitative easing
Operation Twist
forward guidance
tapering
JEL: 
E58
E65
Document Type: 
Working Paper

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