The Information Content of Discount Rate Announcements and Their Effect on Market Interest Rates
This paper presents evidence that throughout the 1973-85 period the Federal Reserve systematically used certain types of discount rate a nnouncements to signal changes in its policy instrument, the federal funds rate. Market participants understood the signals contained in d iscount rate announcements and used them to revise their expectations of the funds rate. These revisions in funds rate expectations caused movements in Treasury bill rates. Copyright 1988 by Ohio State University Press.
Volume (Year): 20 (1988)
Issue (Month): 2 (May)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|
When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:20:y:1988:i:2:p:167-80. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.