Search Results
Monograph
Instruments of the money market
Working Paper
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 announcements to signal changes in its policy instrument, the Federal funds rate. Market participants understood the signals contained in discount rate announcements and used them to revise their expectations of the future path of the funds rate. These revisions in funds rate expectations caused movements in Treasury bill rates. The paper also presents evidence that discount rate announcements signaling changes in the funds rate had a strong effect on bond ...
Journal Article
Treasury bill versus private money market yield curves
An abstract for this article is not available
Journal Article
Determinants of individual tax-exempt bond yields : a survey of the evidence
An abstract for this article is not available.
Journal Article
The impact of large time deposits on the growth rate of M2
An abstract for this article is not available
Working Paper
The credibility of the Wall Street Journal in reporting the timing and details of monetary policy events
This paper answers questions raised about our use of the Wall Street Journal in an earlier paper in which we estimated the effect of changes in the federal funds rate target -- the Federal Reserve's policy instrument -- on market interest rates in the 1970s. In that paper we found that changes in the funds rate target caused large movements in short-term interest rates and smaller but significant movements in longer-term rates.
Journal Article
The behavior of the spread between Treasury bill rates and private money market rates since 1978
An abstract for this article is not available.
Working Paper
The effect of changes in the federal funds rate target on market interest rates in the 1970s
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.
Journal Article
Regulation Q and the behavior of savings and small time deposits at commercial banks and thrift institutions
An abstract for this article is not available