报告题目 | The role of monetary policy uncertainty in transmitting monetary policy shocks | ||
报告人（单位） | Ben Wang（Macquarie University） | ||
主持人（单位） | 李昊 讲师（东南大学） | 点评人（单位） | 顾欣 教授 （东南大学） |
时间地点 | 时间：2021年10月29日（周五）上午10：00 腾讯会议ID：941 760 141 | ||
报告内容摘要 | |||
Using a novel measure of monetary policy uncertainty, this paper investigates the role of policy uncertainty associated with Federal Open Market Committee (FOMC) announcements in transmitting policy shocks. Our measure of monetary policy uncertainty is based on short-term option prices but is orthogonal to the scale of policy shocks. We find evidence to suggest this measure is positively related to FOMC communication of uncertainty, the disagreement of future policy path among FOMC members, and has a lower reading when calendar based forward guidance is communicated. We find policy uncertainty moderates the impact of forward guidance shocks but are irrelevant to federal funds rate and asset purchase shocks Swanson (2021). Our results suggest this moderation process is delivered through changes in the term premium component rather than the expected component of yields. | |||
报告人简介 | |||
Ben Wang is a senior lecturer at Macquarie University, where he also serves as the corporate engagement coordinator for the Department of Economics. He is the treasurer for the Economic Society Australia (NSW branch) and Chinese Economics Society Australia. His work focuses on applied macroeconomics, with recent interests on measuring and evaluating the impact of macroeconomic uncertainty, housing market dynamics, and the role of media news in driving households' expectations. He has also worked on interdisciplinary topics that are related to socioeconomic disadvantaged groups. He has published in a wide range of academic journals including Journal of Banking and Finance, Journal of Economic Behaviour and Organization, Macroeconomic Dynamics, Journal of Macroeconomics, and Journal of Business Ethics. Ben has been a guest editor for Journal of Economic Behaviour and Organization , China Economic Review and Social Indicator Research. | |||
