The Effects of Money Announcements under Alternative Monetary Control Procedures
The response of interest rates to money announcement surprises is theoretically exam ined in this paper. In the models developed, not only changes in oper ating procedures, but also reserve-requirement systems, are found to potentially affect the response. The response also varies depending o n the desired degree of monetary control. Moreover, under the current two-week contemporaneous reserve requirements adopted in February 19 84, the responses in the first and second weeks of the two-week reser ve maintenance period may differ. Previous empirical results conform to the predictions of the theoretical models. Copyright 1987 by Ohio State University Press.
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Volume (Year): 19 (1987)
Issue (Month): 3 (August)
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