【主讲】John Rogers (Senior Advisor, International Finance Division, Federal Reserve Board)
【主题】Monetary Policy Uncertainty
【时间】2018年10月9日 (周二) 13：30-15：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】We construct new measures of uncertainty about Federal Reserve policy actions and their consequences, monetary policy uncertainty (MPU) indexes. We evaluate the information content of our index, and show that positive shocks to MPU raise credit spreads and reduce output. These effects are as large as those of conventionally identified monetary policy shocks. In addition, we construct an index that captures uncertainty about monetary policy over the short term, and also find significant aggregate implications. Finally, we investigate the transmission channels of MPU, exploiting a large panel data set. Heightened MPU leads to protracted declines in investment through both real options and financial frictions channels.
