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The Role of Systematic Fed Errors in Explaining the Money Supply Announcements Puzzle


  • Falk, Barry L.
  • Orazem, Peter


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.

Suggested Citation

  • Falk, Barry L. & Orazem, Peter, 1989. "The Role of Systematic Fed Errors in Explaining the Money Supply Announcements Puzzle," Staff General Research Papers Archive 11095, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:11095

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