Since 2007, FOMC policymakers have been publishing detailed numerical projections of macroeconomic series over the next three years. By testing whether the revisions to these projections are unpredictable, I find that FOMC's efficiency is generally accepted for inflation, but often rejected for...

This paper investigates the effects of monetary policy announcements at the zero lower bound using Japanese data from 1998 to 2013. I find that the effect of expansionary monetary policy shocks is directly passed on to corporate bond yields, notably for high-grade corporate bond yields. However,...

This paper examines whether the economic projections made by individual policymakers of the Federal Open Market Committee (FOMC) are consistent with macroeconomic facts and theories. By analyzing the projections between 2007 and 2016, this paper finds that they are consistent with Okun's law,...