This study reviews empirical evidence from four research methods related to the impact of money on short-term nominal rates. The studies consistently fail to find evidence supporting the much hypothesized short-term, negative relationship between money and nominal rates since at least April 1975. Reasons for the absence of a negative relationship include the tendency of financial markets to anticipate corrective action by the Fed whenever M1 deviates from targeted growth ranges and a rapid adjustment of inflationary expectations to changes in money growth. Copyright 1987 by Oxford University Press.
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Article provided by Oxford University Press in its journal Economic Inquiry.
Volume (Year): 25 (1987) Issue (Month): 1 (January) Pages: 67-82 Download reference. The following formats are available: HTML
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Handle: RePEc:oup:ecinqu:v:25:y:1987:i:1:p:67-82
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