Monetary Information and Interest Rates

Carl Walsh ()

No 1589, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: A model of interest rate movements in response to new information on the money stock is developed.The model, which incorporates several earlier approaches as special cases, makes explicit the manner in which estimated interest rate responses to money surprises depend on the relative variances of nominal and real disturbances, as well as on the monetary authority's policy and the credibility of that policy.

Date: 1985-03
Note: ME
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