The Role of Systematic Fed Errors in Explaining the Money Supply Announcements Puzzle
AbstractEmpirical studies of the effects of the Federal Reserve's weekly money-supply announcements on interest rates have tended to find that interest-rate changes following these announcements are positively correlated with the anticipated component of the announcement. These studies also have tended to find structural changes in interest-rate responses to money-supply announcements following the Fed's October 1979 policy changes. This paper suggests that these conclusions may simply reflect a failure to adequately account for the presence of systematic errors in the Fed's weekly estimates of the money supply.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 11095.
Date of creation: 01 Aug 1989
Date of revision:
Publication status: Published in Journal of Money, Credit and Banking, August 1989, vol. 21 no. 3, pp. 401-406
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Web page: http://www.econ.iastate.edu
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- NEP-MAC-2003-12-14 (Macroeconomics)
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