Have Increases in Federal Reserve Transparency Improved Private Sector Interest Rate Forecasts?

225 citations recorded by the source corpus.

Citations in the corpus

Macroeconomic Cycles and the Stock Market's Reaction to Monetary Policy (2008, unknown): “Swanson (2006) and Gurkaynak et al. (2007) argue that the fed funds futures rate became a better predictor of the future target rate after this change in disclosure policy.”
The Role of Central Bank Transparency for Guiding Private Sector Forecasts (2012, unknown): “Swanson (2006) focuses on central bank transparency in general, and finds that with increased transparency of the US Federal Reserve, private sector forecasts of US interest rates have become more precise, both by improving the average quality of forecasts as well as by reducing their dispersion…”
Trends in Monetary Policy Transparency (2009, unknown): “is also evidence that transparency improves the predictability of monetary policy actions (e.g. Gerlach-Kristen 2004, Swanson 2006 ).”
Risk Premiums in Dynamic Term Structure Models with Unspanned Macro Risks (2013, unknown): “As documented by Swanson (2006), these announcements led to a substantial improvement in accuracy of private-sector forecasts of interest rates relative to the late 1980’s.”