The Effectiveness of Non-Standard Monetary Policy Measures: Evidence from Survey Data
利用专业预测者的调查数据，分析美联储在雷曼兄弟倒闭后宣布的非传统货币政策对国债和公司债收益率预期的影响，发现预测者预期政策宣布后债券收益率至少一年内显著下降。
Summary We assess professional forecasters' perceptions of the effects of the unconventional monetary policy measures announced by the US Federal Reserve after the collapse of Lehman Brothers. Using survey data, collected at the individual level, we analyze the change in the forecasts for Treasury and corporate bond yields around the announcement dates of the non‐standard measures. We find that forecasters expected bond yields to drop significantly for at least 1 year after the announcement of accommodative policies. Copyright © 2016 John Wiley & Sons, Ltd.