Empirical 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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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
11095.
Length: Date of creation: 03 Dec 2003 Date of revision: Publication status: Published in Journal of Money, Credit and Banking, August 1989, Vol. 21, No. 3, pp. 401-406. Handle: RePEc:isu:genres:11095
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