Does the Federal Reserve respond to errant money growth? Evidence from three monetary regimes. (Notes, Comments, Replies): An article from: Journal of Money, Credit & Banking
Book Details
Author(s)David R. Hakes, Edward N. Gambler
PublisherOhio State University Press
ISBN / ASINB0008YWPS8
ISBN-13978B0008YWPS8
AvailabilityAvailable for download now
MarketplaceUnited States 🇺🇸
Description
This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on February 1, 1992. The length of the article is 3407 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: This paper tests the hypothesis that the Federal Reserve responds to deviations between actual and targeted money growth with corrective adjustment in their policy instrument. We divide the sample period of 1975-1987 into three monetary regimes. Our results suggest that the Fed responded to errant money growth in the pre-1979 and the 1979-1982 subperiods. However, we find no evidence that the Fed responded to errant money growth in the post-1982 subperiod. These results yield some insights into the source of the "money supply announcement puzzle" by lending support for what has been termed the "policy anticipation effect." (Printed by permission of the publisher.)
Citation Details
Title: Does the Federal Reserve respond to errant money growth? Evidence from three monetary regimes. (Notes, Comments, Replies)
Author: David R. Hakes
Publication:Journal of Money, Credit & Banking (Refereed)
Date: February 1, 1992
Publisher: Ohio State University Press
Volume: v24 Issue: n1 Page: p127(8)
Distributed by Thomson Gale
From the supplier: This paper tests the hypothesis that the Federal Reserve responds to deviations between actual and targeted money growth with corrective adjustment in their policy instrument. We divide the sample period of 1975-1987 into three monetary regimes. Our results suggest that the Fed responded to errant money growth in the pre-1979 and the 1979-1982 subperiods. However, we find no evidence that the Fed responded to errant money growth in the post-1982 subperiod. These results yield some insights into the source of the "money supply announcement puzzle" by lending support for what has been termed the "policy anticipation effect." (Printed by permission of the publisher.)
Citation Details
Title: Does the Federal Reserve respond to errant money growth? Evidence from three monetary regimes. (Notes, Comments, Replies)
Author: David R. Hakes
Publication:Journal of Money, Credit & Banking (Refereed)
Date: February 1, 1992
Publisher: Ohio State University Press
Volume: v24 Issue: n1 Page: p127(8)
Distributed by Thomson Gale
