Monetary policy surprises and interest rates
evidence from the fed funds futures markets
by Kenneth N. Kuttner
"This paper estimates the impact of monetary policy actions on bill, note, and bond yields, using data from the futures market for federal funds to separate changes in the target funds rate into anticipated and unanticipated components. Bond rates' response to anticipated changes is essentially zero, while their response to unanticipated movements is large and highly significant. Surprise policy actions have little effect on near-term expectations of future actions, which helps explain the failure of the expectations hypothesis on the short end of the yield curve"--Federal Reserve Bank of New York web site.
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Monetary policy, Prices, Securities| Edition | Availability |
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Monetary policy surprises and interest rates: evidence from the fed funds futures markets
2000, Federal Reserve Bank of New York
Electronic resource
in English
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Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 2/16/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| December 13, 2020 | Edited by MARC Bot | import existing book |
| December 5, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
| December 10, 2009 | Created by WorkBot | add works page |