全球智库信息集成服务系统(G2TT): Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w1181
来源ID	Working Paper 1181
	Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements
	V. Vance Roley; Carl E. Walsh
发表日期	1983-08-01
出版年	1983
语种	英语
摘要	This paper examines the response of the term structure of interest rates to weekly money announcements. Estimated responses for both the pre- and post-October 1979 periods are first presented. Then, two competing hypotheses involving the policy anticipations and expected inflation effects are formally specified and compared to the estimated responses.Both hypotheses are found to be consistent with the responses, but they have sharply different implications about the Federal Reserve's short-run monetary policy. The expected inflation hypothesis implies that weekly money surprises should have persistent effects on the level of the money stock, reflecting shifts in the Federal Reserve's long-run target. In contrast, the policy anticipations hypothesis implies that the effectof money surprises should diminish over time, reflecting the Federal Reserve's desire to offset deviations from target. Additional empirical results reported in the paper support this latter description of the money stock process.
主题	Macroeconomics
URL	https://www.nber.org/papers/w1181
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/558405
推荐引用方式 GB/T 7714	V. Vance Roley,Carl E. Walsh. Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements. 1983.

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
w1181.pdf（415KB）	智库出版物		限制开放	CC BY-NC-SA	浏览