Search Results

You are looking at 1 - 10 of 203 items for :

  • "monetary policy surprise" x
Clear All
Bertrand Gruss, Mrs. Sandra V Lizarazo Ruiz, and Mr. Francesco Grigoli

the causal effect of monetary policy surprises in the United States on the dispersion of inflation expectations among individual forecasters. Relying on daily data at the analyst level from major financial institutions, we compute monetary policy surprises of individual analysts as the unexpected changes of the federal funds rate with respect to the forecasts produced in a short window of time prior to the Fed meetings. 2 We document that surprises concentrated in the run-up to the global financial crisis, the crisis itself, and post-2015—which is when agents