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Discussion Paper Details

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Title: The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data

Author(s): Carlo Altavilla and Domenico Giannone

Publication Date: June 2014

Keyword(s): Forward Guidance, Large Scale Asset Purchases, Operation Twist, Quantitative Easing, Survey of Professional Forecasters and Tapering

Programme Area(s): International Macroeconomics

Abstract: We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures undertaken by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using individual survey data, we analyse the changes in forecasting of bond yields around the announcement and implementation dates of non-standard monetary policies. The results indicate that bond yields are expected to drop significantly for at least one year after the announcement and the implementation of accommodative policies.

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Bibliographic Reference

Altavilla, C and Giannone, D. 2014. 'The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=10001