Search Results
Working Paper
Stock prices, news, and business conditions
Working Paper
Are Japanese interest rates too stable?
Working Paper
Monetary actions, intervention, and exchange rates : a re-examination of the empirical relationships using federal funds rate target data
The results of recent empirical studies on the relationships among Federal Reserve monetary-policy actions, U.S. interventions in currency markets, and exchange rates are re-examined. Changes in the Federal Reserve's federal funds rate target as measure of monetary-policy actions are used. Then the relations using federal funds rate target changes only in periods in which the Federal Reserve used the federal funds rate to implement monetary policy are estimated. The results suggest that the immediate responses of exchange rates to U.S. monetary policy actions are statistically and ...
Journal Article
The impact of discount rate changes on market interest rates
Journal Article
Federal deficits and the stock market
Empirical evidence shows that federal budget deficits have historically tended to increase stock market prices. Because deficits rose to unprecedented levels in the 1980s, however, increasing concern about their impact on interest rates and inflation may have contributed to the October 1987 decline in stock prices.