G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17041
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
URLhttps://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.
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