Is the U.S. fed voting record informative about future monetary policy?

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F12%3A00388300" target="_blank" >RIV/00216208:11640/12:00388300 - isvavai.cz</a>

Výsledek na webu

<a href="http://journal.fsv.cuni.cz/storage/1259_478-484_---horvath.pdf" target="_blank" >http://journal.fsv.cuni.cz/storage/1259_478-484_---horvath.pdf</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Is the U.S. fed voting record informative about future monetary policy?

Popis výsledku v původním jazyce

We examine the information content of U.S. Fed voting records under the Greenspan chairmanship. We find that the voting records of FOMC members, as captured by the difference between the average voted-for and actually implemented policy rate, signal thefuture course of monetary policy. The committee bias, an official statement on how the Fed is leaning in terms of its next interest rate move, is found to improve monetary policy predictability, too. On the other hand, the voting of alternate members, who actively contribute to the discussions at the monetary policy meetings but whose votes do not count for setting the interest rate, does not have predictive power and is more in line with that of the chairman.

Název v anglickém jazyce

Is the U.S. fed voting record informative about future monetary policy?

Popis výsledku anglicky

We examine the information content of U.S. Fed voting records under the Greenspan chairmanship. We find that the voting records of FOMC members, as captured by the difference between the average voted-for and actually implemented policy rate, signal thefuture course of monetary policy. The committee bias, an official statement on how the Fed is leaning in terms of its next interest rate move, is found to improve monetary policy predictability, too. On the other hand, the voting of alternate members, who actively contribute to the discussions at the monetary policy meetings but whose votes do not count for setting the interest rate, does not have predictive power and is more in line with that of the chairman.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2012

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Finance a úvěr-Czech Journal of Economics and Finance

ISSN

0015-1920

e-ISSN

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Svazek periodika

62

Číslo periodika v rámci svazku

6

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

7

Strana od-do

478-484

Kód UT WoS článku

000313842600001

EID výsledku v databázi Scopus

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