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Keywords:Unconventional policy OR UNCONVENTIONAL POLICY 

Working Paper
Does Anyone Listen when Politicians Talk? The Effect of Political Commentaries on Policy Rate Decisions and Expectations

This paper investigates the effects of political commentaries on policy rate decisions and policy expectations in the United States and the euro area. The results suggest that political commentaries do influence policy rate expectations in both regions, even after controlling for macroeconomic releases and immediate interest rate expectations. The findings regarding the policy reaction functions reveal that market expectations are mostly rational. There is no evidence that the Federal Reserve responds to political commentaries that suggest rate hikes or easings. Meanwhile, the European ...
Finance and Economics Discussion Series , Paper 2016-058

Discussion Paper
Revisiting the Case for International Policy Coordination

Prompted by the U.S. financial crisis and subsequent global recession, policymakers in advanced economies slashed interest rates dramatically, hitting the zero lower bound (ZLB), and then implemented unconventional policies such as large-scale asset purchases. In emerging economies, however, the policy response was more subdued since they were less affected by the financial crisis. As a result, capital flows from advanced to emerging economies increased markedly in response to widening interest rate differentials. Some emerging economies reacted by adopting measures to slow down capital ...
Liberty Street Economics , Paper 20160601

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Acharya, Sushant 1 items

Akinci, Ozge 1 items

Bengui, Julien 1 items

De Paoli, Bianca 1 items

Demiralp, Selva 1 items

King, Sharmila 1 items

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