Measuring the effects of federal reserve forward guidance and asset purchases on financial markets
Integrity signals
Registry
Cites
Statistics
Claims the paper makes
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
The estimated stock market effects are about four times smaller than estimates in Bernanke and Kuttner (2005) and Swanson (2021).
“In terms of economic magnitudes, the estimated effects are about four times smaller than the estimates in Bernanke and Kuttner (2005) and Swanson (2021).”
From Threats to central bank independence: High-frequency identification with twitter (2023) · cites this paper as Swanson (2021)
The evidence that tweets had a large impact on long-term Treasuries and effects increase with maturity suggests that tweets influenced not only expected path of federal funds rates but also potentially the term premia component, in line with an impact on QE policy.
“The evidence that the tweets had a large impact on long-term U.S. Treasuries and that the effects increase with maturity (i.e., the tweets changed the slope of the yield curve) suggests that the tweets not only influenced the expected path of the federal funds rates but also potentially influenced the term premia component, in line with an impact on the quantitative easing policy (Swanson, 2021).”
From Threats to central bank independence: High-frequency identification with twitter (2023) · cites this paper as Swanson, 2021
The citation lists haven’t been fetched yet
References 43 · Cited by 600
- Authors
- Swanson, E. T.
- Affiliations
- University of California, Irvine (US)
- Corresponding author
- Swanson, Eric T.
- ORCID
- Swanson, Eric T.
- Venue
- Journal of Monetary Economics
- Publisher
- Elsevier BV
- Published
- 2021-03
- Volume
- 118
- Pages
- 32-53
- ISSN
- 0304-3932 (ISSN-L)
- OpenAlex
- W2580735467
- Cited by
- 600
- References
- 43
- Citations by year
- 2026: 94 · 2025: 118 · 2024: 114 · 2023: 84 · 2022: 76 · 2021: 41 · 2020: 25 · 2019: 18 · 2018: 10 · 2017: 12 · 2016: 3 · 2014: 1
- FWCI
- 91.00
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Monetary Economics (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
- Keywords
- quantitative easing, federal funds rate, FOMC announcements, Treasury yields, corporate bond yields, stock prices, exchange rates, monetary policy effects
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
