| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14360 |
| DP14360 Do Monetary Policy Announcements Shift Household Expectations? | |
| Karel Mertens; Daniel Lewis; Christos Makridis | |
| 发表日期 | 2020-01-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We use a decade of daily survey data from Gallup to study how monetary policy influences households' beliefs about economic conditions. We first document that public confidence in the state of the economy reacts instantaneously to certain types of macroeconomic news. Next, we show that surprises to the Federal Funds target rate are among the news that have statistically significant and instantaneous effects on economic confidence. Specifically, we find that a surprise increase in the target rate robustly leads to an immediate decline in household confidence, at odds with previous findings that suggest consumers are largely inattentive to economic developments. Monetary policy news about forward guidance and asset purchases does not have similarly clear and robust immediate effects on household beliefs. We document heterogeneity across demographics in the responsiveness of macroeconomic beliefs to aggregate news, and we relate our findings to existing evidence on informational rigidities. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Monetary policy shocks Central bank communication Informational rigidities Consumer condence High frequency identication |
| URL | https://cepr.org/publications/dp14360 |
| 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/543254 |
| 推荐引用方式 GB/T 7714 | Karel Mertens,Daniel Lewis,Christos Makridis. DP14360 Do Monetary Policy Announcements Shift Household Expectations?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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