Since 1984, the FOMC has often issued directives for monetary policy that indicate a bias toward easing or tightening. This paper investigates the information content of these asymmetric directives for the likelihood of inter-meeting changes in policy during the Greenspan chairmanship. If policy...

This research adds to the literature on discriminatory lending practices by banks and non banks in their lending to small U.S.businesses, particularly minority- and women-owned businesses. Although existing research hints at discriminatory practices along ethnic and gender lines, shortcomings in...

This paper investigates the short-run effect of unexpected changes in the weekly money stock on common stock prices. Survey data on money market participants' forecasts of money changes are employed to construct the measure of unanticipated movements in the money stock. The results indicate that...