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Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations [electronic resource]

Kevin L. Kliesen, Frank A. Schmid
Format
Computer Resource; Online
Published
Ann Arbor, Mich. Inter-university Consortium for Political and Social Research [distributor] 2004
Edition
2004-08-12
Series
ICPSR
ICPSR (Series)
Access Restriction
AVAILABLE. This study is freely available to the general public.
Abstract
This article analyzes how announced surprises in monetary policy actions and macroeconomic data releases affect the average rate of inflation that economic agents expect to prevail over the 10-year period following the surprise. The analysis also addresses the effect of Federal Reserve communication and surprises in monetary policy actions on perceived inflation risk over this 10-year period. The study shows that surprises in macroeconomic data releases and monetary policy actions indeed affect the expected rate of inflation. Further, there is evidence that surprises in monetary policy actions increase perceived inflation risk, whereas Federal Reserve communication reduces it.Cf: http://doi.org/10.3886/ICPSR01301.v1
Contents
Dataset
Description
Mode of access: Intranet.
Notes
Title from ICPSR DDI metadata of 2016-02-11.
Series Statement
ICPSR 1301
ICPSR (Series) 1301
Other Forms
Also available as downloadable files.
Copyright Not EvaluatedCopyright Not Evaluated
Technical Details
  • Staff View

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    a| This article analyzes how announced surprises in monetary policy actions and macroeconomic data releases affect the average rate of inflation that economic agents expect to prevail over the 10-year period following the surprise. The analysis also addresses the effect of Federal Reserve communication and surprises in monetary policy actions on perceived inflation risk over this 10-year period. The study shows that surprises in macroeconomic data releases and monetary policy actions indeed affect the expected rate of inflation. Further, there is evidence that surprises in monetary policy actions increase perceived inflation risk, whereas Federal Reserve communication reduces it.Cf: http://doi.org/10.3886/ICPSR01301.v1
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