Guidelines from teacher based on the attached abstract are in quotation marks below:
“A general topic of Fed communications and financial market performance is a good one. That would be a brief review of Fed communications (they have changed a lot over the years and much has been written on this.) Then there is ample research on how Fed communications have influenced markets. You may even think about broadening this to “Central Bank” communications and market performance. This is a clean, and ultimately beneficial study. I would stay away from the more “psychological” issues of how the Fed may cause “fear”, or feed irrational decision-making, or whether or not this is “dangerous” in some political way. Those ideas are a bit of a quagmire for a term paper I think.”
Andersson, M., Dillén, H., and Sellin, P. (2006), Monetary Policy Signaling and Movements
in the Term Structure of Interest Rates, Journal of Monetary Economics 53 (8), 1815–
Blinder, A., Ehrmann, M., Fratzscher, M., de Haan, J., and Jansen, D.-J. (2008), Central Bank
Communication and Monetary Policy: A Survey of Theory and Evidence, Journal of
Economic Literature 46 (4), 910–945.
Chirinko, R., and Curran, C. (2005), Greenspan Shrugs: Formal Pronouncements, Bond
Market Volatility, and Central Bank Communication, AEA Conference Papers 2006.
Connolly, E., and Kohler, M. (2004), News and Interest Rate Expectations: A Study of Six
Central Banks, in: Kent, C., and Guttmann, S., The Future of Inflation Targeting, Reserve
Bank of Australia, 108–134.
de Haan, J. (2008), The Effect of ECB Communication on Interest Rates: An Assessment,
Review of International Organizations 3 (4), 375–398.
Gürkaynak, R., Sack, B., and Swanson, E. (2005), Do Actions Speak Louder Than Words?
The Response of Asset Prices to Monetary Policy Actions and Statements, International
Journal of Central Banking 1, 55–93.
Guthrie, G., and Wright, J. (2000), Open Mouth Operations, Journal of Monetary Economics
46 (2), 489–516.16
Hayo, B., and Neuenkirch, M. (2010a), Do Federal Reserve Communications Help Predict
Federal Funds Target Rate Decisions? Journal of Macroeconomics 32 (4), 1014–1024.
Kohn, D., and Sack, B. (2004), Central Bank Talk: Does it Matter and Why? in:
Macroeconomics, Monetary Policy, and Financial Stability, Bank of Canada: Ottawa,
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