Description

This paper attempts to address the question of how unconventional monetary policies affected the market expectations in both the future paths of the monetary policy rate and economic growth implicit in interest rates in the period 2007-2013 for several developed and developing countries where these kind of policies were applied. The approach used in this paper is to compare the implicit expectations in the yield curve with market surveys and econometric models to see whether the first ones were affected. We conclude that in the period where unconventional monetary policies were applied, the yield curve provided relevant additional information to forecast the monetary policy rate and economic growth, especially in developed economies.