Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations (ICPSR 1301)

Version Date: Aug 12, 2004

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Principal Investigator(s):
Kevin L. Kliesen, Federal Reserve Bank of St. Louis; Frank A. Schmid, Federal Reserve Bank of St. Louis

https://doi.org/10.3886/ICPSR01301.v1

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Summary

This article analyzes how announced surprises in monetary policy actions and macroeconomic data releases affect the average rate of inflation that economic agents expect to prevail over the 10-year period following the surprise. The analysis also addresses the effect of Federal Reserve communication and surprises in monetary policy actions on perceived inflation risk over this 10-year period. The study shows that surprises in macroeconomic data releases and monetary policy actions indeed affect the expected rate of inflation. Further, there is evidence that surprises in monetary policy actions increase perceived inflation risk, whereas Federal Reserve communication reduces it.

Citation

Kliesen, Kevin L., and Schmid, Frank A. Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2004-08-12. https://doi.org/10.3886/ICPSR01301.v1

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Distributor(s)

Inter-university Consortium for Political and Social Research
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Data Collection Notes

  1. Files submitted include the data file 0405kkd.txt and the program file 0405kkp.prg. These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

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Original Release Date

2004-08-12

Version History

2018-02-15 The citation of this study may have changed due to the new version control system that has been implemented. The previous citation was:
  • Kliesen, Kevin L., and Frank A. Schmid. Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations. ICPSR01301-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2004-08-12. http://doi.org/10.3886/ICPSR01301.v1
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Notes

  • These data are flagged as replication datasets and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

  • The public-use data files in this collection are available for access by the general public. Access does not require affiliation with an ICPSR member institution.