Revisions to GDP announcements are known to be quite large in all G-7 countries; quarterly growth rate revisions are regularly more than a full percentage point at an annualized rate. We examine the predictability of these revisions using standard statistical tests of whether the preliminary...

This paper proposes a new approach to identifying the effects of monetary policy shocks in an international vector autoregression. Using high-frequency data on the prices of eurodollar contracts, we measure the impact of the surprise component of the FOMC-day Federal Reserve policy decision on...

Using the prices of federal funds futures contracts, we measure the impact of the surprise component of Federal Reserve policy decisions on the expected future trajectory of interest rates. We show how this information can be used to identify the effects of a monetary policy shock in a standard...