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数量经济与金融系列讲座第350期:The Effects of Monetary Policy and Other Announcements

  发布日期:2017-06-12  浏览次数:

题目:The Effects of Monetary Policy and Other Announcements


Chao Gu

Associate Professor

Department of Economics

University of Missouri



Abstract:We analyze the impact of news (information shocks) in economies where liquidity plays a role. While we also consider news about real factors, like productivity, one motivation is that central bank announcements evidently affect markets, as taken for granted by advocates of forward guidance policy. The dynamic effects can be complicated, with information about monetary policy or real factors affecting markets for goods, equity, housing, credit and foreign exchange. Even news about neutral policy can induce cyclic or boom-bust responses. More generally, we show that central bank announcements can induce rather than reduce volatility, and might increase or decrease welfare.