Working Paper
The effect of changes in the federal funds rate target on market interest rates in the 1970s
Abstract: The standard empirical test of whether the Federal Reserve can influence interest rates is to regress interest rates on current and past (actual or unexpected) values of money growth. This literature generally finds little support for the view that the Fed can influence interest rates, except perhaps through the positive impact on inflation expectations of increases in money growth.
Keywords: Federal funds market (United States); Interest rates;
Access Documents
File(s): File format is text/html http://www.richmondfed.org/publications/research/working_papers/1988/wp_88-4.cfm
File(s): File format is application/pdf https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/working_papers/1988/pdf/wp88-4.pdf
Authors
Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Working Paper
Publication Date: 1988
Number: 88-04