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UID:20251028T134345EDT-0441wB17vz@132.216.98.100
DTSTAMP:20251028T174345Z
DESCRIPTION:'The Perceived Causes of Monetary Policy Surprises'\n\nMiguel A
 costa (Federal Reserve Board)\n	November 18\, 2022\, 3:30 to 5:00 PM\n	Leaco
 ck 429\n\nHost: Francisco Ruge-Murcia\n	Field: Macro\n\nAbstract:\n	I estima
 te the macroeconomic effects of two central aspects of Federal Reserve (Fe
 d) communications—interest-rate forward guidance and macroeconomic informa
 tion provision—using newly identified shocks to each aspect of policy. The
  shocks are based on a new measure of high-frequency GDP forecast revision
 s that I construct from the text of newspaper articles. I recover the shoc
 ks from a model of how Fed announcements determine interest-rate and GDP e
 xpectations\, identified with a discrete change in Fed communication polic
 y: the introduction of interest-rate forward guidance. The estimated effec
 ts of monetary policy and information provision are large\, robust\, and c
 onsistent with macroeconomic theory.\n
DTSTART:20221118T203000Z
DTEND:20221118T220000Z
LOCATION:Room 429\, Leacock Building\, CA\, QC\, Montreal\, H3A 2T7\, 855 r
 ue Sherbrooke Ouest
SUMMARY:Miguel Acosta (Federal Reserve Board)\, 'The Perceived Causes of Mo
 netary Policy Surprises'
URL:/economics/channels/event/miguel-acosta-federal-re
 serve-board-perceived-causes-monetary-policy-surprises-340413
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