登入
選單
返回
Google圖書搜尋
Does Publication of Interest Rate Paths Provide Guidance
Gisle James Natvik
Dagfinn Rime
Olav Syrstad
出版
Norges Bank
, 2019
ISBN
8283791133
9788283791136
URL
http://books.google.com.hk/books?id=QejLzQEACAAJ&hl=&source=gbs_api
註釋
Does the central bank practice of publishing interest rate projections (IRPs) improve how market participants map new information into future interest rates? Using high-frequent data on Forward Rate Agreements (FRAs) we compute market forecast errors; differences between expected future interest rates and ex post realizations. We assess their change in narrow windows around monetary policy announcements and macroeconomic releases in Norway and Sweden. Overall, communication of future policy plans do not improve markets' response to information, irrespective of whether or not IRPs are in place. A decomposition of market reactions into responses to the current monetary policy action ("target") and responses to signals about the future ("path"), reveals that only policy actions lead to improvements in market forecasts.