The methods of Gürkaynak et al. (2005a) are extended to separately identify surprise changes in the federal funds rate, forward guidance, and large-scale asset purchases (LSAPs) for each FOMC announcement from July 1991 to June 2019. Forward guidance and LSAPs had substantial and highly statistically significant effects on Treasury yields, corporate bond yields, stock prices, and exchange rates, comparable in magnitude to the effects of the federal funds rate in normal times. These effects were all very persistent, with the exception of the very large and perhaps special March 2009 “QE1” announcement for LSAPs.

中文翻译：

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衡量美联储前期指导和资产购买对金融市场的影响

Gürkaynak等人的方法。（2005a）进行了扩展，以分别识别从1991年7月至2019年6月的每个FOMC公告，联邦基金利率，前瞻性指导和大规模资产购买（LSAP）的意外变化。国库券收益率，公司债券收益率，股票价格和汇率，其幅度可与正常时期联邦基金利率的影响相提并论。这些影响都是非常持久的，除了针对LSAP的2009年3月发布的“ QE1”特别大公告外。