On Wednesday, Federal Reserve Chairman Jerome Powell will announce the bank's interest rate decision. But what is the Federal ...

Discussions about monetary policy focus on its short-term impact. In other words, most central banks accept that the output of the economy in the long run is “independent” of monetary policy.

These monetary policy surprises can be used to study changes in monetary policy that were unexpected from the perspective of financial market participants. The measures are helpful in empirical ...

The extent to which changes in monetary policy rates lead to changes in loan and deposit rates for households and firms, referred to as ‘pass-through’, is an important ingredient of monetary policy ...

Empirical monetary policy shocks (EMPS) contain information about monetary policy both today and in the future. We define the term structure of monetary policy news as the marginal impact of an EMPS ...