Department of Economics2024-11-1020120164-070410.1016/j.jmacro.2012.03.0012-s2.0-84860551840http://dx.doi.org/10.1016/j.jmacro.2012.03.001https://hdl.handle.net/20.500.14288/17552This paper investigates the responsiveness of asset markets to monetary policy path revisions. Using federal funds futures contracts to extract near-term path revisions, we find that the responsiveness of longer term Treasury securities to path revisions is significantly asymmetric, the magnitude of which increases during tightenings and decreases during easings. These findings blend nicely with the earlier literature that documents asymmetric effects of monetary policy on output. (C) 2012 Elsevier Inc. All rights reserved.EconomicsJournal Article305493400012Q31963