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The Effects of Money Announcements under Alternative Monetary Control Procedures

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  • Roley, V Vance
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    Abstract

    The response of interest rates to money announcement surprises is theoretically exam ined in this paper. In the models developed, not only changes in oper ating procedures, but also reserve-requirement systems, are found to potentially affect the response. The response also varies depending o n the desired degree of monetary control. Moreover, under the current two-week contemporaneous reserve requirements adopted in February 19 84, the responses in the first and second weeks of the two-week reser ve maintenance period may differ. Previous empirical results conform to the predictions of the theoretical models. Copyright 1987 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 19 (1987)
    Issue (Month): 3 (August)
    Pages: 292-307

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    Handle: RePEc:mcb:jmoncb:v:19:y:1987:i:3:p:292-307

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. William C. Melton & V. Vance Roley, 1988. "Federal Reserve Behavior Since 1980: A Financial Markets Perspective," NBER Working Papers 2608, National Bureau of Economic Research, Inc.
    2. Vilasuso, Jon, 1999. "The Liquidity Effect and the Operating Procedure of the Federal Reserve," Journal of Macroeconomics, Elsevier, vol. 21(3), pages 443-461, July.
    3. Valente, Giorgio, 2009. "International interest rates and US monetary policy announcements: Evidence from Hong Kong and Singapore," Journal of International Money and Finance, Elsevier, vol. 28(6), pages 920-940, October.
    4. V. Vance Roley & Simon M. Wheatley, 1990. "Temporal Variation in the Interest-Rate Response to Money Announcements," NBER Working Papers 3471, National Bureau of Economic Research, Inc.
    5. Takatoshi Ito & V. Vance Roley, 1988. "Intraday Yen/Dollar Exchange Rate Movements: News or Noise?," NBER Working Papers 2703, National Bureau of Economic Research, Inc.

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