G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w2125
来源IDWorking Paper 2125
The Response of Interest Rates to the Federal Reserve's Weekly Money Announcements: The \"Puzzle\" of Anticipated Money
Richard Deaves; Angelo Melino; James E. Pesando
发表日期1987
出版年1987
语种英语
摘要Researchers, using the survey conducted by Money Market Services, Inc., have found that the anticipated component in the Federal Reserve's weekly money supply announcement is negatively correlated with the post- announcement change in market yields. We prove that eliminating a (downward) bias in the measure of anticipated money can, in theory, eliminate this puzzle, but that improving the efficiency of an already unbiased measure cannot. We find, using Canadian as well as U.S. interest rate data, that correcting the downward bias in the survey measure reduces, but does not eliminate, the role of anticipated money.
主题Macroeconomics
URLhttps://www.nber.org/papers/w2125
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/559379
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Richard Deaves,Angelo Melino,James E. Pesando. The Response of Interest Rates to the Federal Reserve's Weekly Money Announcements: The \"Puzzle\" of Anticipated Money. 1987.
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