全球智库信息集成服务系统(G2TT): DP17041 Are Households Indifferent to Monetary Policy Announcements?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP17041
	DP17041 Are Households Indifferent to Monetary Policy Announcements?
	Fiorella De Fiore; Marco Lombardi; Johannes Schuffels
发表日期	2022-02-16
出版年	2022
语种	英语
摘要	We study the impact of the Fed’s monetary policy announcements on households’ expectations by comparing responses to the Survey of Consumer Expectations before and after Federal Open Market Committee (FOMC) meetings, over the period 2013-2019. We find that Fed decisions affect expectations of interest rates on savings accounts, particularly for respondents with high financial and numerical literacy. The effect is particularly strong in the first few days after the announcement of the decision and decays in the days that follow. The impact of monetary policy announcements on inflation expectations is muted, even in response to some of the most relevant meetings of the FOMC that took place during that period. Expectations of personal financial conditions are barely affected. Our results stand in contrast to experimental studies that find strong effects of monetary policy and other macroeconomic news on expectations of households receiving a specific treatment, suggesting that the news naturally reaching the general population may provide weaker signals.
主题	Monetary Economics and Fluctuations
关键词	Household expectations Monetary policy announcements Communication
URL	https://cepr.org/publications/dp17041
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/545996
推荐引用方式 GB/T 7714	Fiorella De Fiore,Marco Lombardi,Johannes Schuffels. DP17041 Are Households Indifferent to Monetary Policy Announcements?. 2022.