对美联储的愤怒：总统的推文和央行的独立性

IF 0.8 4区经济学 Q3 ECONOMICS

Cesifo Economic Studies Pub Date : 2021-03-07 DOI:10.1093/CESIFO/IFAA020

Antoine Camous, D. Matveev

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引用次数: 13

摘要

我们展示了金融市场数据如何为货币政策和财政政策之间的互动提供信息。联邦基金期货是反映投资者对未来货币政策决策预期的私人合约。通过将这些合同的价格走势与特朗普总统关于货币政策的推文联系起来，我们探讨了金融市场参与者如何看待总统试图影响货币政策决策的行为。我们的研究结果表明，市场参与者预计美联储将按照特朗普总统建议的方向调整货币政策。（JEL代码：E44、E52和E58）

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Furor over the Fed: A President’s Tweets and Central Bank Independence

We illustrate how financial market data are informative about the interactions between monetary and fiscal policy. Federal funds futures are private contracts that reflect investor’s expectations about future monetary policy decisions. By relating price movements of these contracts with President Trump’s tweets on monetary policy, we explore how financial market participants have perceived attempts by the President to influence monetary policy decisions. Our results indicate that market participants expected the Federal Reserve Bank to adjust monetary policy in the direction suggested by President Trump. (JEL codes: E44, E52, and E58)

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来源期刊

Cesifo Economic Studies ECONOMICS-

CiteScore

2.70

自引率

7.70%

发文量

期刊介绍： CESifo Economic Studies publishes provocative, high-quality papers in economics, with a particular focus on policy issues. Papers by leading academics are written for a wide and global audience, including those in government, business, and academia. The journal combines theory and empirical research in a style accessible to economists across all specialisations.