Similar Search Results

On the response of interest rates to unexpected weekly money: are policy changes important?

Sheehan, Richard G.; Hafer, R.W. - Federal Reserve Bank of St. Louis - 1987

Persistent link: https://www.econbiz.de/10005360574

Monetary policy and the determination of the interest rate and exchange rate in a small open economy with increasing capital mobility

Ahn, Byung Chan - Federal Reserve Bank of St. Louis - 1994

This paper presents a general model of the determination of the interest rate and the exchange rate which is relevant for a small economy with any degree of capital mobility. The model is tested by using the quarterly data of Korea and Singapore. The emperical results show that in the Korean...

Persistent link: https://www.econbiz.de/10005360575

Global asset prices and FOMC announcements

Hausman, Joshua; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2006

This paper documents the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate...

Persistent link: https://www.econbiz.de/10005368193

Monetary policy and price stability

Johnson, Karen; Small, David; Tryon, Ralph - Federal Reserve Board (Board of Governors of the … - 1999

discuss several issues that concern the selection of a central bank's inflation objective under such conditions: price … low inflation could change relationships within the real economy. We present a framework for analyzing monetary policy … tend to be the case when long-term inflation is low. We summarize the results of research done at the Federal Reserve to …

Persistent link: https://www.econbiz.de/10005368535

Does monetary policy keep up with the Joneses? Optimal interest-rate smoothing with consumption externalities

Chugh, Sanjay K. - Federal Reserve Board (Board of Governors of the … - 2004

Changes in monetary policy are typically implemented gradually, an empirical observation known as interest-rate smoothing. We propose the explanation that time-non-separable preferences may render interest-rate smoothing optimal. We find that when consumers have "catching-up-with-the-Joneses"...

Persistent link: https://www.econbiz.de/10005372536

Do productivity growth, budget deficits, and monetary policy actions affect real interest rates? evidence from macroeconomic announcement data

Kliesen, Kevin L.; Schmid, Frank A. - Federal Reserve Bank of St. Louis - 2004

interest. But economic theory is ambiguous when it comes to the effect of government budget deficits on the real rate of …

Persistent link: https://www.econbiz.de/10005352806

A new federal funds rate target series: September 27, 1982, - December 31, 1993

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2005

This paper creates a new series of the FOMC*s Target for the federal funds rate for the period September 27, 1982 through December 31, 1993. The creation of this series was motivated by Thornton (2005). Analyzing the verbatim transcripts of the FOMC, Thornton finds that most of the FOMC believed...

Persistent link: https://www.econbiz.de/10005352810

Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2005

Despite its important role in macroeconomics and finance, the expectations hypothesis (EH) of the term structure of interest rates has received little empirical support. While the EH*s poor performance has been attributed to a variety of sources, none appear to account for the EH*s poor...

Persistent link: https://www.econbiz.de/10005352812

The daily liquidity effect

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2006

Motivated, on the one hand, by the belief that the Fed controls the short-term rate through open market operations, and on the other, by "the lack of convincing proof that this is what happens," Hamilton (1997) suggested that more convincing evidence of the liquidity effect could be obtained...

Persistent link: https://www.econbiz.de/10005352851

The inflationary effects of the use of reserve ratio reductions, or open market purchases, to reduce market interest rates: a theoretical comparison

Russell, Steven; Espinosa, Marco - Federal Reserve Bank of St. Louis - 1990

Persistent link: https://www.econbiz.de/10005352880