Title of article :
Daily monetarypolicyshocksandnewhomesales
Author/Authors :
James D.Hamilton، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
The conventionalnotionofamonetarypolicyshockasasurprisechangeinthefedfunds
rateismisspecified.TheprimarynewsformarketparticipantsisnotwhattheFedjust
did, butisinsteadnewinformationabouttheFed’sfutureintentions.Revisionsinthese
anticipationsshowupinstantaneouslyinlong-termmortgagerates.Homesalesdonot
respond untilmuchlater.Thispaperattributesthisdelay—and hencemuchofthe
hump-shapedresponseofeconomicactivitytomonetarypolicy—to cross-sectional
heterogeneityinsearchtimes.Thisframeworkallowsoneinprincipletomeasurepolicy
impactsatthedailyfrequency
Keywords :
Monetary policyHousingFed fundsratePolicy lags
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
