Central Bank of Nigeria Library

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Federal Reserve policies and public disclosure /

Contributor(s): Material type: TextTextPublication details: Washington : American Enterprise Institute for Public Policy Research, c1978.Description: 108 pISBN:
  • 0844721182.
  • 0844721174
Subject(s): DDC classification:
  • 332.1'1'0973 FED
LOC classification:
  • HG2565 .F43
Summary: This paper assesses the change in Federal Reserve policy introduced in 1999, with the publication of statements about the outlook for monetary policy (and later about the balance of risks) immediately after each FOMC meeting. We find that markets anticipated monetary policy decisions equally well under this new disclosure regime than before, but arrived at their expectations in different ways. Under the new regime, markets extract information from the statements, whereas before, they needed to revert to other types of Fed communication in the inter-meeting periods, and come to their own assessment of the implications of macroeconomic data releases. Taken together, these findings suggest that the Fed's new disclosure practice may indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with clearer signals, but that the Fed can extract less nformation from observing market reactions to macroeconomic data releases .
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Item type Current library Collection Call number Copy number Status Date due Barcode
Monograph & others Monograph & others CBN HQ Library General Stacks Non-fiction 332.1'1'0973 FED (Browse shelf(Opens below)) c.1 Available 31008100227335

Papers and commentaries from an A.E.I. sponsored conference held, Feb. 4, 1977.

Includes bibliographical references.

This paper assesses the change in Federal Reserve policy introduced in 1999, with the publication of statements about the outlook for monetary policy (and later about the balance of risks) immediately after each FOMC meeting. We find that markets anticipated monetary policy decisions equally well under this new disclosure regime than before, but arrived at their expectations in different ways. Under the new regime, markets extract information from the statements, whereas before, they needed to revert to other types of Fed communication in the inter-meeting periods, and come to their own assessment of the implications of macroeconomic data releases. Taken together, these findings suggest that the Fed's new disclosure practice may indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with clearer signals, but that the Fed can extract less nformation from observing market reactions to macroeconomic data releases .

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