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Where Have the Monetary Surprises Gone? The Effects of FOMC Statements

Where Have the Monetary Surprises Gone? The Effects of FOMC Statements by Andrew Swiston
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This paper examines the impact of central bank communication on market expectations of monetary policy and long-term interest rates by comparing Federal Open Market Committee (FOMC) action dates when a policy statement was made to dates before statements were issued. Increased communication has been associated with a reduction in the magnitude of short-term monetary surprises; a greater flow of information about the long-term path of policy that is distinct from the short-term surprise; and a larger role for these long-term surprises in the determination of long-term interest rates.
International Monetary Fund; July 2007
24 pages; ISBN 9781452796529
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Title: Where Have the Monetary Surprises Gone? The Effects of FOMC Statements
Author: Andrew Swiston