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Money Supply Announcements and Market Reactions in an Open Economy

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  • Deaves, Richard
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    Abstract

    An open economy model of the money supply announcement-financial market reaction phenomenon under policy anticipations is formulated, whose major divergence from earlier models is the prediction that short-term interest rate movements need not be positively correlated with unexpectedly high monetary growth. While at variance with the most consistent empirical regularity in the United States, this prediction in fact accords with previous empirical findings for both the United Kingdom and Canada. Copyright 1990 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): 22 (1990)
    Issue (Month): 2 (May)
    Pages: 154-64

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    Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:2:p:154-64

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

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    Cited by:
    1. Richard Podpiera, 2001. "Efficiency of Financial Markets in Transition: The Case of Macroeconomic Releases," Finance 0012005, EconWPA.
    2. Eva A. Arnold, 2013. "The Role of Data Revisions and Disagreement in Professional Forecasts," Macroeconomics and Finance Series 201303, Hamburg University, Department Wirtschaft und Politik.
    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.

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