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- Title
Does the Federal Reserve have Private Information about its Future Actions?
- Authors
Taş, Bedri Kamil Onur
- Abstract
This paper contributes to the ongoing debate about the existence and source of asymmetric information between the Federal Reserve and the public by examining the federal funds rate forecasts. It compares the Federal Reserve federal funds rate forecasts with the predictions of alternative forecasting models and forecasts from the futures market for federal funds. The results show that the Federal Reserve has superior information about its own future policy actions, the future federal funds rate. The results are robust to alternative specifications.
- Subjects
BOARD of Governors of the Federal Reserve System (U.S.); INFORMATION asymmetry; FEDERAL funds market (U.S.); FEDERAL Reserve monetary policy; INCOME forecasting; FUTURES market
- Publication
Economica, 2016, Vol 83, Issue 331, p498
- ISSN
0013-0427
- Publication type
Article
- DOI
10.1111/ecca.12174