TY  - UNPD
A1  - Bauer, Michael D.
A1  - Pflueger, Carolin E.
A1  - Sunderam, Adi
T1  - Perceptions about monetary policy
T2  - Working paper series / Institute for Monetary and Financial Stability ; 176
N2  - The authors estimate perceptions about the Fed's monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions is time-varying and cyclical: high during tightening episodes but low during easings. Forecasters update their perceptions about the policy rule in response to monetary policy actions, measured by high-frequency interest rate surprises, suggesting that forecasters have imperfect information about the rule. The perceived rule impacts asset prices crucial for monetary policy transmission, driving how interest rates respond to macroeconomic news and explaining term premia in long-term interest rates.
T3  - Working paper series / Institute for Monetary and Financial Stability - 176 
KW  - FOMC
KW  - monetary policy rule
KW  - survey forecasts
KW  - beliefs
Y1  - 2022
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/69173
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-691731
UR  - https://www.imfs-frankfurt.de/de/forschung/imfs-working-papers/details/mm_publication/detail/publication/perceptions-about-monetary-policy.html
N1  - Bauer acknowledges funding by the German Research Foundation (Deutsche Forschungsgemeinschaft), grant no. 425909451. Pflueger acknowledges funding from the National Science Foundation, grant no. 2149193.
PB  - Johann Wolfgang Goethe-Univ., Inst. for Monetary and Financial Stability
CY  - Frankfurt am Main
ER  -