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BEGIN:VEVENT
DTSTAMP:20260430T131951Z
DTSTART;VALUE=DATE-TIME:20250313T140000
DTEND;VALUE=DATE-TIME:20250313T153000
SUMMARY:Macro/International Seminar - Amy Handlan (Brown)
TZID:Europe/London
UID:20250313-8a17841b90977dd8019097e9447a0731@warwick.ac.uk
CREATED:20250310T111831Z
DESCRIPTION:Title: Monetary Communication Rules by Laura Gáti and Amy Han
 dlan Abstract: Does the Federal Reserve follow a communication rule? We 
 propose a simple framework to estimate communication rules\, which we co
 nceptualize as a systematic mapping between the Fed's expectations of ma
 croeconomic variables and the words they use to talk about the economy. 
 We provide strong evidence supporting the existence of a communication r
 ule: 30-40 percent of the variation in language of FOMC policy statement
 s is accounted for by variation in Fed forecasts and other policy instru
 ments\, like the target rate and asset purchases. We document a signific
 ant break in the communication rule in late 2008\, over-and-above shifts
  in the regressors' distributions. There is evidence that communication 
 rules are stronger post-2008 and this impacts how financial markets reac
 t. Overall\, investors respond to both systematic and non-systematic com
 munication and do so more strongly after 2008\, indicating they pay grea
 ter attention with more systematic communication.
LOCATION:S2.79
CATEGORIES:Macro/International Seminar
LAST-MODIFIED:20250310T111831Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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