Macroeconomic Effects of Federal Reserve Forward Guidance

By Jeffrey R. Campbell, Charles L. Evans, Jonas D. M. Fisher, Alejandro Justiniano. 2012

646 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/47a2c61ad755c93e465931c7bba035b5ac11d4a6

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Citations in the corpus

Monetary Policy, Credit Spreads, and Business Cycle Fluctuations (2015, background): “Other influential studies include Bernanke and Kuttner (2005), Gürkaynak et al. (2005), Campbell et al. (2012), and Gilchrist et al. (2014).”
The Time-Varying Effect of Monetary Policy on Asset Prices (2017, background): “Similar to Campbell et al. (2012) and Nakamura and Steinsson (2018), I regress revisions of the private sector forecasts for real GDP growth on the series of surprises Skt , Forecastt+1,t = α + βSkt + ξt , (13) where the dependent variable is given by changes in the Blue Chip Economic Indicators…”
A unified measure of Fed monetary policy shocks (2019, background): “The literature on the central bank private information effect has called into question this assertion, however (Romer and Romer (2000), Campbell et al. (2012 and 2016), Nakamura and Steinsson (2018), Miranda-Agrippino (2016), and Jarocinski and Karadi (2018)).”
Monetary Policy Surprises, Credit Costs, and Economic Activity † (2014, background): “The views expressed are those of the authors and do not necessarily reflect the views of the ECB.”
Macroeconomic Shocks and Their Propagation (2016, methodology): “Campbell et al. (2012) argue that the Fed has been using forward guidance since the early 1990s. This means that many changes in the federal funds rate are in fact anticipated in advance. As discussed in Section 2.5 on foresight, foresight about future movements in policy variables can lead to a non”
A Tale of Two Decades: The Ecb's Monetary Policy at 20 (2019, background): “58 See Card and Hyslop (1997), for the United States and Nickell and Quintini (2003), for the United Kingdom.”
Effects of Unconventional Monetary Policy on Financial Institutions (2014, background): “…reducing long-term real interest rates, which it believed would lead to a stronger economic recovery.1 A number of studies have confirmed the policies’ success in reducing long-term rates (Gagnon et al., 2010; Krishnamurthy and Vissing-Jorgensen, 2011; Campbell et al., 2012; Wright, 2012).”
Managing Households' Expectations with Unconventional Policies (2020, neutral): “9The reactions also directly rule out that market participants and professional forecasters interpreted the announcements as a signal of worse future economic conditions, so-called Delphic forward guidance (Campbell et al. (2012)).”
High Frequency Identification of Monetary Non-Neutrality: The Information Effect (2018, neutral): “More recently, Campbell et al. (2012) show that an unexpected tightening leads survey expectations of unemployment to fall.”