| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w0915 |
| 来源ID | Working Paper 0915 |
| Interest Rate Volatility and Monetary Policy | |
| Carl E. Walsh | |
| 发表日期 | 1982-06-01 |
| 出版年 | 1982 |
| 语种 | 英语 |
| 摘要 | In October 1979 the Federal Reserve shifted from an interest rate oriented operating procedure to a reserves oriented procedure. It is argued in this paper that part of the very large increase in interest rate volatility which resulted from the policy switch may have been due to shifts in the parameters of the money demand equation, shifts due to the adoption-of a reserve aggregates operating procedure. This result is derived by comparing rational expectations equilibria in a simple theoretical model under alternative policy rules. This allows the variance of interest rates to be explicitly expressed as a function of the policy rule. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w0915 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558130 |
| 推荐引用方式 GB/T 7714 | Carl E. Walsh. Interest Rate Volatility and Monetary Policy. 1982. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w0915.pdf（397KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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