G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w1181
来源IDWorking 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
URLhttps://www.nber.org/papers/w1181
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/558405
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GB/T 7714
V. Vance Roley,Carl E. Walsh. Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements. 1983.
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