This research is part of the Center for Monetary Research at the @sffed. 🔗

Thanks to my excellent coauthors @migacosta, Andrea Ajello, Francesca Loria, and @_SiLviA_mA!

We also find that monetary policy has significant effects on market-based inflation and dividend expectations that are consistent with conventional transmission channels. Term structure responses peak at longer horizons, suggesting there are signals about the reaction function.

In our working paper "Financial Market Effects of FOMC Communication: Evidence from a New Event-Study Database" we describe the USMPD in detail and document new empirical results. For example, large policy surprises have made a comeback, and press conferences play a key role...

The USMPD contains market reactions to all official FOMC communication events since 1994, including statements, post-meeting press conferences and minutes releases. It also includes data and code for high-frequency monetary policy surprises.

📢 New Data & Paper 📢 We released the U.S. Monetary Policy Event Study Database, a transparent, regularly updated dataset of high-frequency financial market reactions to all official FOMC communication since 1994. Data: https://t.co/ZbpvThcGWX Paper: https://t.co/dSNzbIQoj1

Excellent VSME talk by Jordi Gali, who provided a new perspective on #monetarypolicy rules based on his Keynes Lectures and discussion at Jackson Hole of Emi Nakamura's paper. He makes a compelling case for rules for long-term real rates. Video here: https://t.co/RcZDYg4OyS

In October, we marked the first anniversary of the Center for Monetary Research (CMR) at the SF Fed. We’ve seen strong engagement from the academic and policy communities over the last year and we’re looking forward to expanding the Center’s reach even further in 2026.

Very excited that our third monthly VSME is coming up this Thursday. We'll hear from Jordi Gali about monetary policy in the New Keynesian model. Please join us on Zoom at 11am Eastern / 5pm CET! Webinar registration here:

We launched the @sffed Center for Monetary Research about one year ago. We had a flurry of activities, research, and new data&indicators. Special highlight: @a_auclert receiving the inaugural Janet Yellen Award. My blog post has a review and outlook: https://t.co/y6B8KOIPnk

Excited for the next @cepr_org & @sffed Virtual Seminar in Monetary Economics. @RefetGurkaynak @KlodianaIstrefi @michaelbauer_hh Ricardo Reis @R2Rsquared will present today at 4pm (UK). If not already signed up, but want to join, registration is here: https://t.co/HvfC83Aiys

Great advice here! Reminds me a lot of the lessons I learned from day one at the SF Fes from my mentor, boss, serial coauthor and friend @GlennRudebusch

New paper: “Beyond the Taylor Rule” joint with Emi Nakamura and Venance Riblier. Emi presented this paper at the Jackson Hole Symposium. We investigate how descriptive and how prescriptive the Taylor rule is. 1/ https://t.co/ag3IAJGPQg

We hope you had a nice summer, the Virtual Seminar on Monetary Economics is now in session! Please join us this Thursday at 8am PT / 11am ET for our first seminar. Zoom webinar registration here:

Apropos, we regularly update our measure of market-based monetary policy uncertainty, published via our @sffed Center for Monetary Research: https://t.co/Ni3YdGbFcM

In a nutshell, the paper proposes a taxonomy for economic risks and uncertainties, reviews various measures and models available for quantitative assessments, and discusses ways how central banks can communicate uncertainty to the public. 2/3

🧵It was a great pleasure to work with excellent colleagues across the Fed system on a paper for the FOMC framework review. Thanks to my coauthors Travis Berge, Giuseppe Fiori, Francesca Loria, Molin Zhong. You can find the paper here: https://t.co/JEELzabqqW 1/3

Interested in top-notch research in monetary economics? Join us for this new online seminar series, co-hosted CEPR's Monetary Economics and Fluctuations program and our @sffed Center for Monetary Research! @IvanWerning will kick things off on September 4.

🚨Friendly reminder that Saturday, May 31 is the deadline to submit (a) papers to our fall macro-finance conference and (b) nominations for the new Janet Yellen Award for Monetary Research. Details are here: https://t.co/eqDkzkOIrh @sffed @ThomasMMertens @pascalpaul

🚀Stay ahead of the curve! If you're interested in our events, new papers, and data updates at the @sffed Center for Monetary Research, you can sign up for our quarterly newsletter here: https://t.co/mFhUqr5KO9 #MonetaryPolicy #MacroFinance #CentralBanking #EconTwitter