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The credibility of the Wall Street Journal in reporting the timing and details of monetary policy events

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  • Timothy Cook
  • Thomas Hahn
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    Abstract

    This paper answers questions raised about our use of the Wall Street Journal in an earlier paper in which we estimated the effect of changes in the federal funds rate target -- the Federal Reserve's policy instrument -- on market interest rates in the 1970s. In that paper we found that changes in the funds rate target caused large movements in short-term interest rates and smaller but significant movements in longer-term rates.

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    File URL: http://www.richmondfed.org/publications/research/working_papers/1989/wp_89-5.cfm
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    File URL: http://www.richmondfed.org/publications/research/working_papers/1989/pdf/wp89-5.pdf
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    Bibliographic Info

    Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 89-05.

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    Date of creation: 1989
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    Handle: RePEc:fip:fedrwp:89-05

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    Related research

    Keywords: Monetary policy;

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    Cited by:
    1. Rudebusch, Glenn D., 1995. "Federal Reserve interest rate targeting, rational expectations, and the term structure," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 245-274, April.

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