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Do Actions Speak Louder than Words? The Response of Asset Prices to Monetary Policy Actions and Statements
We investigate the effects of U.S. monetary policy on asset prices using a high-frequency event-study analysis. We test whether these effects are adequately captured by a single factor-changes in theExpand
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The Financial Market Effects of the Federal Reserve's Large-Scale Asset Purchases
Since December 2008, the Federal Reserve’s traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance ofExpand
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The Impact of Monetary Policy on Asset Prices
Estimating the response of asset prices to changes in monetary policy is complicated by the endogeneity of policy decisions and the fact that both interest rates and asset prices react to numerousExpand
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The U.S. Treasury yield curve: 1961 to the present
The discount function, which determines the value of all future nominal payments, is the most basic building block of finance and is usually inferred from the Treasury yield curve. It is thereforeExpand
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The Sensitivity of Long-Term Interest Rates to Economic News: Evidence and Implications for Macroeconomic Models
Current macroeconomic models provide appealing, succinct descriptions of business cycle dynamics in the United States and other countries, but less is known about the extent to which these modelsExpand
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Large-Scale Asset Purchases by the Federal Reserve: Did They Work?
Since December 2008, the Federal Reserve's traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance ofExpand
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Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. The U.S. Treasury Yield Curve: 1961 to the Present
The discount function, which determines the value of all future nominal payments, is the most basic building block of finance and is usually inferred from the Treasury yield curve. It is thereforeExpand
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Does the Fed Act Gradually? A VAR Analysis
The tendency for changes in the federal funds rate to be implemented gradually has been considered evidence of an interest rate smoothing objective for the Federal Reserve. This paper investigatesExpand
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Measuring the Reaction of Monetary Policy to the Stock Market
Movements in the stock market can have a significant impact on the macroeconomy and are therefore likely to be an important factor in the determination of monetary policy. However, little is knownExpand
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Monetary Policy Alternatives at the Zero Bound : An Empirical Assessment
The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may becomeExpand
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