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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. |
条目包含的文件 | 条目无相关文件。 |
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