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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w1313 |
来源ID | Working Paper 1313 |
The Effects of Inflation and Money Supply Announcements on Interest Rates | |
Thomas Urich; Paul Wachtel | |
发表日期 | 1984-04-01 |
出版年 | 1984 |
语种 | 英语 |
摘要 | This paper examines the impact of the money supply and inflation rate announcements on interest rates. Survey data on expectations of the money supply and consumer and producer price indexes are used to distinguish anticipated and unanticipated components of the announcements. This distinction is used to test for the efficiency of the financial market response to the announcements of new information. The results indicate that the unanticipated components of the announced changes in the Producers Price Index and in the money supply have an immediate positive effect on short term interest rates.The Consumer Price Index announcement has no apparent effect. There is no evidence of a delayed announcement effect. However, there is some indication of liquidity effect of the money supply change on interest rates. This takes place when reserves are changing and several weeks prior to the information announcement. |
主题 | Macroeconomics |
URL | https://www.nber.org/papers/w1313 |
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/558548 |
推荐引用方式 GB/T 7714 | Thomas Urich,Paul Wachtel. The Effects of Inflation and Money Supply Announcements on Interest Rates. 1984. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w1313.pdf(230KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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