The Impact of Money on Short-term Interest Rates
This study reviews empirical evidence from four research methods related to the impact of money on short-term nominal rates. The studies consistently fail to find evidence supporting the much hypothesized short-term, negative relationship between money and nominal rates since at least April 1975. Reasons for the absence of a negative relationship include the tendency of financial markets to anticipate corrective action by the Fed whenever M1 deviates from targeted growth ranges and a rapid adjustment of inflationary expectations to changes in money growth. Copyright 1987 by Oxford University Press.
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Volume (Year): 25 (1987)
Issue (Month): 1 (January)
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