An analysis of the effect that monetary control arrangements have on the information content of the money stock announcements in the market for bank reserves.

This paper presents new evidence on how asset prices respond to new information about the money stock. It shows that the information content of money stock announcements and the response of asset prices to new information in the announcements vary with changes in the monetary policy regime, the...

A presentation of new evidence on the issue of Federal Reserve System credibility, examining the response pattern of asset prices to the weekly M1 announcements under different operating procedures and monetary policy regimes.