Name: Yield Curve Impacts of Forward Guidance and Maturity Extension Programs (en Inglés)
Price: 27.79 USD
Availability: InStock
Author: Federal Reserve Board
ISBN: 9781503287105

portada Yield Curve Impacts of Forward Guidance and Maturity Extension Programs (en Inglés)

Formato

Libro Físico

Editorial

Createspace Independent Publishing Platform

Autor

Federal Reserve Board

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

27.9 x 21.6 x 0.2 cm

Peso

0.10 kg.

ISBN13

9781503287105

Categorías

Gestión empresarial

Yield Curve Impacts of Forward Guidance and Maturity Extension Programs (en Inglés)

Federal Reserve Board (Autor) · Createspace Independent Publishing Platform · Tapa Blanda

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Reseña del libro "Yield Curve Impacts of Forward Guidance and Maturity Extension Programs (en Inglés)"

In 2011 and 2012, the Federal Reserve sold Treasury securities from the short end of the yield curve at the same time it was providing market participants with date-specific assurances that overnight interest rates would not rise. We investigate how these two policies, which had conflicting pricing pressures, were absorbed by the market. We analyze the impacts of sales on the volume and composition of inventories of the Federal Reserve's counterparties, and examine how announcements of accommodative monetary policy affected spreads and prices across maturities. Our results suggest that these two reserve-neutral policies affected interest rates both within and beyond the stated policy periods. The finding that Federal Reserve's sales, conducted during periods of date-based forward guidance, were associated with higher interest rates suggests that the policy effects were not limited to the anticipated path of federal funds rates. We also find that the accumulation of Treasury securities by Federal Reserve counterparties was consistent with the idea that those dealers responded opportunistically to the forward guidance on rates.