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Working Paper
Monetary indicators of economic activity: a comment
Working Paper
Selecting an intermediate target for monetary policy
Journal Article
Currency substitution: a test of its importance
Working Paper
Discount rate changes and the foreign exchange market
Changes in the discount rate can have an associated announcement effect on the foreign exchange value of the dollar only if these changes are not anticipated by the market. This paper provides evidence to support this contention. Specifically, discount rate changes made for reasons other than technical adjustments have not been anticipated fully and consequently, their announcement has had a significant impact on the dollar's exchange rate. Furthermore, results are obtained that support the hypothesis that unanticipated discount rate changes alter the expectation of the rate of future ...
Journal Article
Foreign exchange markets: the dollar in 1980