Federal Reserve Bank of Kansas City RWP 17-07, July 2017, updated Feb. 2021
Forward guidance about future monetary policy can lower term premia in bond markets, even without large-scale asset purchases.
(with Brent Bundick)
Federal Reserve Bank of Kansas City Economic Review 102(2), Second Quarter 2017
Measures of uncertainty fell after the FOMC began releasing its interest rate projections; however, uncertainty is significantly correlated with disagreement across participants’ projections.