G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12768
DP12768 Plotting interest rates: The FOMC’s projections and the economy
Stefan Gerlach; Rebecca Stuart
发表日期2018-03-02
出版年2018
语种英语
摘要The FOMC’s “dot plots” contain members’ views regarding what federal funds rate will be necessary in the end of this and the coming years for the FOMC to achieve its statutory objectives. The dots can be interpreted as instantaneous forward rates. We fit a curve, which is characterised by four parameters, through them and study how it moves with the economy. We find that the level of the federal funds rate the month before the FOMC meeting, the unemployment rate and (updated) estimates by Laubach and Williams (2003) of the natural real interest rate shape the curves.
主题Monetary Economics and Fluctuations
关键词Federal Reserve monetary policy Interest rate expectations
URLhttps://cepr.org/publications/dp12768
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/541577
推荐引用方式
GB/T 7714
Stefan Gerlach,Rebecca Stuart. DP12768 Plotting interest rates: The FOMC’s projections and the economy. 2018.
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