Articlegreen1996

Does the Fed's New Policy of Immediate Disclosure Affect the Market?

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Market Dynamics and Volatility

Abstract

At its February 1994 meeting, the Federal Open Market Committee broke a long-standing practice by immediately announcing its decision to increase the degree of pressure in reserve markets. Previously, the Fed had argued that immediate disclosure of policy decisions would create an announcement effect and would increase financial market uncertainty and volatility.

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References

1978The Private and Social Value of Information and the Reward to Inventive Activity 1986Monetary mystique: Secrecy and central banking 1996The Fed funds futures rate as a predictor of federal reserve policy 1985Asset Returns, Discount Rate Changes, and Market Efficiency 1995Monetary Policy Actions and Long-Term Interest Rates 1988The Information Content of Discount Rate Announcements and Their Effect on Market Interest Rates 1993Estimating the Open Market Desk's Daily Reaction Function 1988The Borrowed-Reserves Operating Procedures: Theory and Evidence

Cited by

2002Interest Rate Surprises and Stock Prices 2000EFFECT OF FEDERAL RESERVE POLICIES ON BANK EQUITY RETURNS 2002Central bank transparency and market efficiency: An econometric analysis 1998MARKET REACTION TO MONETARY POLICY NONANNOUNCEMENTS 2001Sweep accounts, reserve management, and interest rate volatility 2006The Asymmetric Impact of Monetary Policy on Currency Markets

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