Transparent U.S. Monetary Policy: Theory and Tests

Marc D Hayford; Anastasios G Malliaris; A. (Tassos) G. Malliaris

doi:10.1080/00036846.2010.524628

Transparent U.S. Monetary Policy: Theory and Tests

Marc D Hayford, Anastasios G Malliaris, A. (Tassos) G. Malliaris

Loyola University Chicago

Loyola University Chicago

Research output: Contribution to journal › Article › peer-review

Abstract

In 1994, the Federal Reserve System moved to a more transparent reporting of monetary policy. This article assesses the impact of monetary policy transparency on uncertainty about future monetary policy using T-bill rate forecast dispersions and ex post forecast errors from the Survey of Professional Forecasters as a proxy for monetary policy uncertainty. The empirical findings confirm that Federal Reserve transparency has reduced the uncertainty about future monetary policy.

Original language	American English
Journal	School of Business: Faculty Publications and Other Works
Volume	44
Issue number	7
DOIs	https://doi.org/10.1080/00036846.2010.524628
State	Published - Mar 1 2011

Keywords

US Monetary Policy
Federal Reserve System
T-bill Rate
Survey of Professional Forecasters

Disciplines

Business

Access to Document

10.1080/00036846.2010.524628License: Unspecified

Transparent UFinal published version, 1.03 MBLicense: Unspecified

Cite this

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KW - Federal Reserve System

KW - T-bill Rate

KW - Survey of Professional Forecasters

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Transparent U.S. Monetary Policy: Theory and Tests

Abstract

Keywords

Disciplines

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