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

Carlo Altavilla · Domenico Giannone

58 citations0/0 files storedJournal of Applied Econometrics

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Monetary Policy and Economic Impact Financial Markets and Investment Strategies Forecasting Techniques and Applications

Abstract

Summary We assess professional forecasters' perceptions of the effects of the unconventional monetary policy measures announced by the US Federal Reserve after the collapse of Lehman Brothers. Using survey data, collected at the individual level, we analyze the change in the forecasts for Treasury and corporate bond yields around the announcement dates of the non‐standard measures. We find that forecasters expected bond yields to drop significantly for at least 1 year after the announcement of accommodative policies. Copyright © 2016 John Wiley & Sons, Ltd.

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