Central bank talk
Subtitle: does it matter and why?
By: Donald L. Kohn and Brian P. Sack.
Contributors: Sack, Brian.
Series: Finance and economics discussion series ;; 2003-55; Finance and economics discussion series (Online) ;; 2003-55.
Publisher: Federal Reserve Board
Published: 2003
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Subjects: United States. Federal Open Market Committee; Monetary policy -- United States.
Description: "Statements released by the Federal Open Market Committee (FOMC) and congressional testimony by Chairman Greenspan are found to significantly affect market interest rates, indicating that central bank "talk" conveys important information to market participants.  These effects arise not only because the statements provide information about the near-term policy inclinations of the FOMC but also because the statements convey information about the outlook for the economy.  By contrast, statements raising questions about asset valuations typically have not generated a significant response of those asset prices"--Federal Reserve Board web site.
Notes: Includes bibliographical references.
Title from PDF file as viewed on 7/21/2004.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.