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Details about Daniel Thornton

E-mail:
Homepage:http://dlthornton.com/
Phone:3143489900
Workplace:Research Division, Federal Reserve Bank of St. Louis, (more information at EDIRC)
Center for Economics and the Environment (CEE), John W. Hammond Institute for Free Enterprise, School of Business and Entrepreneurship, Lindenwood University, (more information at EDIRC)

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Last updated 2019-10-18. Update your information in the RePEc Author Service.

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Working Papers

2014

  1. An Evaluation of Event-Study Evidence on the Effectiveness of the FOMC’s LSAP Program: Are the Announcement Effects Identified?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
  2. How Effective Is Central Bank Forward Guidance?
    Working Papers CASMEF, Dipartimento di Economia e Finanza, LUISS Guido Carli Downloads View citations (5)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2012) Downloads View citations (16)
    Working Papers, Utrecht School of Economics (2012) Downloads View citations (19)

    See also Journal Article in Review (2015)

2013

  1. The effect of underreporting on LIBOR rates
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (6)
    See also Journal Article in Journal of Macroeconomics (2013)

2012

  1. Evidence on the portfolio balance channel of quantitative easing
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (5)
  2. Greenspan’s conundrum and the Fed’s ability to affect long-term yields
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
    See also Journal Article in Journal of Money, Credit and Banking (2018)
  3. Monetary policy: why money matters, and interest rates don’t
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2008) Downloads

    See also Journal Article in Journal of Macroeconomics (2014)
  4. The Federal Reserve’s response to the financial crisis: what it did and what it should have done
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)

2010

  1. Predicting bond excess returns with forward rates: an asset-allocation perspective
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
  2. Predictions of short-term rates and the expectations hypothesis
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (7)
  3. The Phillips Curve and US Monetary Policy: What the FOMC Transcripts Tell Us
    Working Papers, American University, Department of Economics Downloads View citations (1)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2010) Downloads View citations (3)

    See also Journal Article in Oxford Economic Papers (2012)
  4. The effectiveness of unconventional monetary policy: the term auction facility
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (4)
    See also Journal Article in Review (2011)

2009

  1. How did we get to inflation targeting and where do we go now? a perspective from the U.S. experience
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  2. Resolving the unbiasedness puzzle in the foreign exchange market
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  3. Revisiting the predictability of bond risk premia
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  4. The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (3)
    See also Journal Article in Oxford Economic Papers (2014)

2008

  1. Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates
    Working Paper Series, European Central Bank Downloads View citations (8)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2005) Downloads View citations (4)
  2. The daily and policy-relevant liquidity effects
    Working Paper Series, European Central Bank Downloads View citations (2)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2007) Downloads View citations (4)
  3. The unusual behavior of the federal funds and 10-year Treasury rates: a conundrum or Goodhart’s Law?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (3)

2007

  1. Resolving the unbiasedness and forward premium puzzles
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (2)
  2. The Expectation Hypothesis of the Term Structure of Very Short-Term Rates: Statistical Tests and Economic Value
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (10)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2007) Downloads View citations (2)

    See also Journal Article in Journal of Financial Economics (2008)

2006

  1. The daily liquidity effect
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (6)

2005

  1. A new federal funds rate target series: September 27, 1982, - December 31, 1993
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (6)
  2. Open market operations and the federal funds rate
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (3)
    See also Journal Article in Review (2007)
  3. The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (9)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2005) Downloads View citations (13)

    See also Journal Article in Journal of Financial and Quantitative Analysis (2007)
  4. When did the FOMC begin targeting the federal funds rate? what the verbatim transcripts tell us
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (15)

2004

  1. A Dynamic Factor Analysis of the Response of U.S. Interest Rates to News
    LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy Downloads View citations (1)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2004) Downloads
  2. Federal Funds Rate Prediction
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (5)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2004) Downloads View citations (5)
    Royal Economic Society Annual Conference 2003, Royal Economic Society (2003) Downloads

    See also Journal Article in Journal of Money, Credit and Banking (2005)
  3. Tests of the expectations hypothesis: resolving the Campbell-Shiller paradox
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (10)
    See also Journal Article in Journal of Money, Credit and Banking (2006)
  4. Tests of the expectations hypothesis: resolving the anomalies when the short-term rate is the federal funds rate
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (7)
    See also Journal Article in Journal of Banking & Finance (2005)

2003

  1. A note on the expectations hypothesis at the founding of the Fed
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
    See also Journal Article in Journal of Banking & Finance (2004)
  2. Forecasting the Treasury's balance at the Fed
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
    See also Journal Article in Journal of Forecasting (2004)
  3. Monetary policy transparency: transparent about what?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (11)
    See also Journal Article in Manchester School (2003)
  4. Testing the expectations hypothesis: some new evidence for Japan
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
    See also Journal Article in Monetary and Economic Studies (2004)
  5. The efficient market hypothesis and identification in structural VARs
    Working Papers, Federal Reserve Bank of St. Louis Downloads
    See also Journal Article in Review (2004)

2002

  1. The Dynamic Relationship Between the Federal Funds rate and the Treasury Bill Rate: An Empirical Investigation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (5)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2002) Downloads View citations (6)

    See also Journal Article in Journal of Banking & Finance (2003)
  2. What's unique about the federal funds rate? evidence from a spectral perspective
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (2)
    See also Journal Article in Oxford Bulletin of Economics and Statistics (2007)

2000

  1. The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2000) Downloads View citations (1)

1998

  1. Lifting the veil of secrecy from monetary policy: evidence from the Fed's early discount rate policy
    Working Papers, Federal Reserve Bank of St. Louis Downloads
    See also Journal Article in Journal of Money, Credit and Banking (2000)
  2. The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (11)
    See also Journal Article in Journal of Banking & Finance (2001)

1997

  1. Do bank loan rates exhibit a countercyclical mark-up?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (10)

1996

  1. Discount rate policies of five Federal Reserve Chairmen
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
  2. Identifying the liquidity effect: the case of nonborrowed reserves
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
  3. The information content of discount rate announcements: what's behind the announcement effect?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (8)

1994

  1. Asymmetry in the prime rate and firms' preference for internal finance
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)

1992

  1. The market's reaction to discount changes: what's behind the announcement effect?
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  2. Why do T-bill rates react to discount rate changes?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (2)
    See also Journal Article in Journal of Money, Credit and Banking (1994)

1988

  1. Should consumer expenditures be the scale variable in empirical money demand equations?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
  2. Why do market interest rates respond to money announcements?
    Working Papers, Federal Reserve Bank of St. Louis Downloads

1987

  1. Unanticipated money and the anticipated liquidity effect: some further evidence
    Working Papers, Federal Reserve Bank of St. Louis Downloads

1985

  1. Weighted monetary aggregates as intermediate targets
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)

1984

  1. A note on the relative efficiency of the Cochrane-Orcutt and OLS estimators when the autocorrelation process has a finite past
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  2. Lag length selection and Granger causality
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (3)
  3. On the treatment of the weighted initial observation in the AR(1) regression model
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  4. Price expectations and the demand for money: a comment
    Working Papers, Federal Reserve Bank of St. Louis Downloads
    See also Journal Article in The Review of Economics and Statistics (1986)
  5. Tests of price sluggishness in the U.K
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  6. What do Almon's endpoint constraints constrain?
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)

1983

  1. Complete results for lag length selection
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  2. Discount rate changes and the foreign exchange market
    Working Papers, Federal Reserve Bank of St. Louis Downloads
    See also Journal Article in Journal of International Money and Finance (1984)
  3. Endpoint constraints and the St. Louis equation: a clarification
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  4. Lag-length selection criteria: empirical results from the St. Louis equation
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (1)
  5. The Andersen-Jordan equation, revisited
    Working Papers, Federal Reserve Bank of St. Louis Downloads
    See also Journal Article in Journal of Macroeconomics (1985)
  6. The appropriate autocorrelation transformation when the autocorrelation process has a finite past
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  7. The appropriate interest rate and scale variable in money demand: results from non-nested tests
    Working Papers, Federal Reserve Bank of St. Louis Downloads
  8. The real-balance effect with resource-using money: a capital-theoretic interpretation
    Working Papers, Federal Reserve Bank of St. Louis Downloads

1982

  1. The budget constraint, endogenous money and the relative importance of fiscal policy under alternative financing schemes
    Working Papers, Federal Reserve Bank of St. Louis Downloads

Journal Articles

2018

  1. Greenspan's Conundrum and the Fed's Ability to Affect Long‐Term Yields
    Journal of Money, Credit and Banking, 2018, 50, (2-3), 513-543 Downloads
    See also Working Paper (2012)

2017

  1. Effectiveness of QE: An assessment of event-study evidence
    Journal of Macroeconomics, 2017, 52, (C), 56-74 Downloads View citations (4)

2016

  1. Guest editor's introduction: What monetary policy can and cannot do
    Journal of Macroeconomics, 2016, 47, (PA), 1-4 Downloads
  2. Understanding the Predictability of Excess Returns
    Credit and Capital Markets, 2016, 49, (4), 485-505

2015

  1. How Effective Is Central Bank Forward Guidance?
    Review, 2015, 97, (4), 303-22 Downloads View citations (6)
    See also Working Paper (2014)

2014

  1. Are Virtual “Currencies” Likely to Succeed?
    Economic Synopses, 2014, (8) Downloads
  2. Has QE been effective?
    Economic Synopses, 2014, (3) Downloads
  3. Making sense of dissents: a history of FOMC dissents
    Review, 2014, 96, (3), 213-227 Downloads View citations (7)
  4. Monetary policy: Why money matters (and interest rates don’t)
    Journal of Macroeconomics, 2014, 40, (C), 202-213 Downloads View citations (19)
    See also Working Paper (2012)
  5. QE: is there a portfolio balance effect?
    Review, 2014, 96, (1), 55-72 Downloads View citations (4)
  6. The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks
    Oxford Economic Papers, 2014, 66, (1), 67-87 Downloads View citations (17)
    See also Working Paper (2009)

2013

  1. A perspective on possible Fed exit strategies
    Economic Synopses, 2013 Downloads View citations (3)
  2. Does the economy need more spending now?
    Economic Synopses, 2013 Downloads
  3. Is nominal GDP targeting a rule policymakers could accept?
    Economic Synopses, 2013 Downloads
  4. Is the FOMC’s unemployment rate threshold a good idea?
    Economic Synopses, 2013 Downloads
  5. The effect of underreporting on LIBOR rates
    Journal of Macroeconomics, 2013, 37, (C), 345-348 Downloads View citations (7)
    See also Working Paper (2013)
  6. Why is output growth so slow?
    Economic Synopses, 2013 Downloads

2012

  1. A proposal for improving forward guidance
    Economic Synopses, 2012 Downloads View citations (2)
  2. How did we get to inflation targeting and where do we need to go to now? a perspective from the U.S. experience
    Review, 2012, 94, (Jan), 65-81 Downloads View citations (6)
  3. How good are the government’s deficit and debt projections and should we care?
    Review, 2012, 94, (Jan), 21-39 Downloads View citations (5)
  4. Out-of-Sample Predictions of Bond Excess Returns and Forward Rates: An Asset Allocation Perspective
    Review of Financial Studies, 2012, 25, (10), 3141-3168 Downloads View citations (48)
  5. Quantitative easing and money growth: potential for higher inflation?
    Economic Synopses, 2012 Downloads
  6. The Phillips curve and US monetary policy: what the FOMC transcripts tell us
    Oxford Economic Papers, 2012, 64, (2), 197-216 Downloads View citations (8)
    See also Working Paper (2010)
  7. The U.S. deficit/debt problem: a longer-run perspective
    Review, 2012, (Nov), 441-456 Downloads
  8. The dual mandate: has the Fed changed its objective?
    Review, 2012, 94, (Mar), 117-134 Downloads View citations (1)
  9. The efficacy of monetary policy: a tale from two decades
    Economic Synopses, 2012 Downloads
  10. The efficacy of the FOMC’s zero interest rate policy
    Economic Synopses, 2012 Downloads
  11. Verbal guidance and the efficacy of forward guidance
    Economic Synopses, 2012 Downloads View citations (1)

2011

  1. Core versus headline inflation again
    Economic Synopses, 2011 Downloads
  2. Core versus headline inflation: an opportunity for greater transparency
    Economic Synopses, 2011 Downloads View citations (2)
  3. Inflation objective and policy credibility: a potential problem for the FOMC
    Economic Synopses, 2011 Downloads
  4. Is the FOMC’s policy inflating asset prices?
    Economic Synopses, 2011 Downloads View citations (1)
  5. Monetary policy at the zero bound
    Economic Synopses, 2011 Downloads
  6. Tax rates and revenue since the 1970s
    Economic Synopses, 2011 Downloads
  7. The FOMC’s interest rate policy: how long is the long run?
    Economic Synopses, 2011 Downloads
  8. The effectiveness of unconventional monetary policy: the term auction facility
    Review, 2011, 93, (Nov), 439-454 Downloads View citations (5)
    See also Working Paper (2010)
  9. The federal debt: too little revenue or too much spending
    Economic Synopses, 2011 Downloads
  10. The federal debt: what’s the source of the increase in spending?
    Economic Synopses, 2011 Downloads
  11. What does the change in the FOMC's statement of objectives mean?
    Economic Synopses, 2011 Downloads View citations (3)
  12. Why is employment growth so low?
    Economic Synopses, 2011 Downloads View citations (1)

2010

  1. Can the FOMC increase the funds rate without reducing reserves?
    Economic Synopses, 2010 Downloads
  2. Monetary policy and longer-term rates: an opportunity for greater transparency
    Economic Synopses, 2010 Downloads View citations (1)
  3. Monetizing the debt
    Economic Synopses, 2010 Downloads
    Also in Review, 1984, 66, (Dec), 30-43 (1984) Downloads View citations (1)
  4. The downside of quantitative easing
    Economic Synopses, 2010 Downloads View citations (3)
  5. The relationship between the daily and policy-relevant liquidity effects
    Review, 2010, 92, (Jan), 73-88 Downloads View citations (2)
  6. Which comes first: inflation or the FOMC's funds rate target?
    Economic Synopses, 2010 Downloads
  7. Would QE2 have a significant effect on economic growth, employment, or inflation?
    Economic Synopses, 2010 Downloads View citations (1)

2009

  1. A perspective on the current recession: it's not the \\"worst case\\" yet
    Economic Synopses, 2009 Downloads
  2. Is there less agreement about inflation?
    Monetary Trends, 2009, (Jan) Downloads
  3. Negating the inflation potential of the Fed's lending programs
    Economic Synopses, 2009 Downloads View citations (2)
  4. Personal saving and economic growth
    Economic Synopses, 2009 Downloads View citations (1)
  5. The Fed, liquidity, and credit allocation
    Review, 2009, 91, (Jan), 13-22 Downloads View citations (9)
  6. The case for \\"inflation first\\" monetary policy
    Economic Synopses, 2009 Downloads
  7. The effect of the Fed’s purchase of long-term treasuries on the yield curve
    Economic Synopses, 2009 Downloads View citations (3)
  8. What caused long-term rates to rise?
    Economic Synopses, 2009 Downloads
  9. What the Libor-OIS spread says
    Economic Synopses, 2009 Downloads View citations (21)
  10. Would quantitative easing sooner have tempered the financial crisis and economic recession?
    Economic Synopses, 2009 Downloads View citations (2)

2008

  1. A primer on the mortgage market and mortgage finance
    Review, 2008, 90, (Jan), 31-46 Downloads View citations (2)
  2. Housing and the \\"R\\" word
    National Economic Trends, 2008, (Feb) Downloads
  3. The expectation hypothesis of the term structure of very short-term rates: Statistical tests and economic value
    Journal of Financial Economics, 2008, 89, (1), 158-174 Downloads View citations (34)
    See also Working Paper (2007)
  4. Walter Bagehot, the discount window, and TAF
    Economic Synopses, 2008 Downloads View citations (2)

2007

  1. Measure for measure: headline versus core inflation
    Monetary Trends, 2007, (Sep) Downloads View citations (2)
  2. Open market operations and the federal funds rate
    Review, 2007, 89, (Nov), 549-570 Downloads View citations (6)
    See also Working Paper (2005)
  3. Subprime side effects in the federal funds market
    Monetary Trends, 2007, (Oct) Downloads
  4. The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields
    Journal of Financial and Quantitative Analysis, 2007, 42, (1), 81-100 Downloads View citations (55)
    See also Working Paper (2005)
  5. The federal funds and long-term rates
    Monetary Trends, 2007, (May) Downloads
  6. The lower and upper bounds of the Federal Open Market Committee's long-run inflation objective
    Review, 2007, 89, (May), 183-194 Downloads View citations (4)
  7. What's Unique About the Federal Funds Rate? Evidence from a Spectral Perspective*
    Oxford Bulletin of Economics and Statistics, 2007, 69, (2), 293-319 Downloads View citations (1)
    See also Working Paper (2002)

2006

  1. "Measured pace" in the conduct of monetary policy
    Monetary Trends, 2006, (Mar) Downloads View citations (2)
  2. Greenspan's unconventional view of the long-run inflation/output trade-off
    Monetary Trends, 2006, (Jan) Downloads View citations (2)
  3. Tests of the Expectations Hypothesis: Resolving the Campbell-Shiller Paradox
    Journal of Money, Credit and Banking, 2006, 38, (2), 511-542 Downloads View citations (21)
    See also Working Paper (2004)
  4. The Fed's inflation objective
    Monetary Trends, 2006, (Jul) Downloads View citations (1)

2005

  1. Federal Funds Rate Prediction
    Journal of Money, Credit and Banking, 2005, 37, (3), 449-71 View citations (16)
    See also Working Paper (2004)
  2. Social security, saving, and wealth accumulation
    National Economic Trends, 2005, (May) Downloads
  3. Tests of the expectations hypothesis: Resolving the anomalies when the short-term rate is the federal funds rate
    Journal of Banking & Finance, 2005, 29, (10), 2541-2556 Downloads View citations (17)
    See also Working Paper (2004)
  4. The monetary policy transmission mechanism?
    Monetary Trends, 2005, (Sep) Downloads

2004

  1. A note on the expectations hypothesis at the founding of the Fed
    Journal of Banking & Finance, 2004, 28, (12), 3055-3068 Downloads View citations (13)
    See also Working Paper (2003)
  2. Forecasting the Treasury's balance at the Fed
    Journal of Forecasting, 2004, 23, (5), 357-371 Downloads View citations (2)
    See also Working Paper (2003)
  3. Making monetary policy more transparent
    Monetary Trends, 2004, (Jan) Downloads
  4. Public officials and job creation
    National Economic Trends, 2004, (Sep) Downloads
  5. Testing the Expectations Hypothesis: Some New Evidence for Japan
    Monetary and Economic Studies, 2004, 22, (2), 45-69 Downloads View citations (6)
    Also in Review, 2004, 86, (Sep), 21-40 (2004) Downloads View citations (6)

    See also Working Paper (2003)
  6. The FOMCs considerable period
    Monetary Trends, 2004, (Feb) Downloads View citations (1)
  7. The Fed and short-term rates: Is it open market operations, open mouth operations or interest rate smoothing?
    Journal of Banking & Finance, 2004, 28, (3), 475-498 Downloads View citations (23)
  8. The efficient market hypothesis and identification in structural VARs
    Review, 2004, 86, (Jan), 49-60 Downloads View citations (8)
    See also Working Paper (2003)

2003

  1. Alternative policy weapons?
    Monetary Trends, 2003, (Aug) Downloads
  2. How effective is monetary policy?
    Monetary Trends, 2003, (Jan) Downloads View citations (1)
  3. Monetary policy transparency: transparent about what?
    Manchester School, 2003, 71, (5), 478-497 Downloads View citations (17)
    See also Working Paper (2003)
  4. Predictability and effectiveness of monetary policy
    Monetary Trends, 2003, (Jul) Downloads
  5. The dynamic relationship between the federal funds rate and the Treasury bill rate: An empirical investigation
    Journal of Banking & Finance, 2003, 27, (6), 1079-1110 Downloads View citations (71)
    See also Working Paper (2002)

2002

  1. Does a mild recession imply a weak recovery?
    National Economic Trends, 2002, (Apr) Downloads
  2. Market anticipations of monetary policy actions
    Review, 2002, 84, (Jul), 65-94 Downloads View citations (81)
  3. The FOMC's balance-of-risks statement and market expectations of policy actions
    Review, 2002, 84, (Sep), 37-50 Downloads View citations (7)
  4. Withering dissents
    Monetary Trends, 2002, (Aug) Downloads

2001

  1. Identifying the liquidity effect at the daily frequency
    Review, 2001, 83, (Jul), 59-82 Downloads View citations (29)
  2. Interest rate targets abandoned
    Monetary Trends, 2001, (Jun) Downloads
  3. The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect
    Journal of Banking & Finance, 2001, 25, (9), 1717-1739 Downloads View citations (18)
    See also Working Paper (1998)
  4. The codification of an FOMC procedure
    Monetary Trends, 2001, (Mar) Downloads
  5. The expected federal budget surplus: how much confidence should the public and policymakers place in the projections?
    Review, 2001, 83, (Mar), 11-24 Downloads View citations (4)
  6. The monetary/fiscal policy debate: a controlled experiment
    Monetary Trends, 2001, (Oct) Downloads
  7. What accounts for the reduced frequency of Fed actions?
    Monetary Trends, 2001, (Apr) Downloads

2000

  1. A history of the asymmetric policy directive
    Review, 2000, 82, (Sep), 1-16 Downloads View citations (21)
  2. An experiment is underway
    Monetary Trends, 2000, (Feb) Downloads
  3. Lifting the Veil of Secrecy from Monetary Policy: Evidence from the Fed's Early Discount Rate Policy
    Journal of Money, Credit and Banking, 2000, 32, (2), 155-67 View citations (10)
    See also Working Paper (1998)
  4. Money in a theory of exchange
    Review, 2000, 82, (Jan), 35-60 Downloads View citations (5)
  5. The exceptional 1990s
    National Economic Trends, 2000, (Mar) Downloads
  6. The golden dollar: the early evidence
    Monetary Trends, 2000, (Dec) Downloads

1999

  1. Nominal interest rates: less than zero?
    Monetary Trends, 1999, (Jan) Downloads View citations (2)
  2. The funds rate target and interest rates
    Monetary Trends, 1999, (Sep) Downloads

1998

  1. Tests of the market's reaction to federal funds rate target changes
    Review, 1998, (Nov), 25-36 Downloads View citations (24)
  2. The importance of an asymmetric directive
    Monetary Trends, 1998, (Aug) Downloads

1997

  1. Using federal funds futures rates to predict Federal Reserve actions
    Review, 1997, (Nov), 45-53 Downloads View citations (22)

1996

  1. Does the Fed's new policy of immediate disclosure affect the market?
    Review, 1996, (Nov), 77-88 Downloads View citations (14)
  2. The costs and benefits of price stability: an assessment of Howitt's rule
    Review, 1996, 78, (Mar), 23-38 Downloads View citations (15)

1995

  1. Channels of monetary policy. Proceedings of the Nineteenth Annual Economic Policy Conference held October 20-21, 1994
    Proceedings, 1995, (May)
    Also in Review, 1995, (May) (1995)
  2. Channels of monetary policy: conference introduction
    Review, 1995, (May), vii - xii Downloads
    Also in Proceedings, 1995, (May), vii - xii (1995) Downloads
  3. Is there a case for \\"moderate\\" inflation?
    Review, 1995, (Jul), 27-38 Downloads View citations (3)
  4. The Information Content of the Federal Funds Rate: Is It Unique?
    Journal of Money, Credit and Banking, 1995, 27, (3), 838-47 Downloads View citations (14)

1994

  1. Financial innovation, deregulation and the \\"credit view\\" of monetary policy
    Review, 1994, (Jan), 31-49 Downloads View citations (12)
  2. Why Do T-Bill Rates React to Discount Rate Changes?
    Journal of Money, Credit and Banking, 1994, 26, (4), 839-50 Downloads View citations (9)
    See also Working Paper (1992)

1992

  1. An extended series of divisia monetary aggregates
    Review, 1992, (Nov), 35-52 Downloads View citations (22)
  2. Targeting M2: the issue of monetary control
    Review, 1992, (Jul), 23-35 Downloads View citations (2)

1991

  1. A primer on cointegration with an application to money and income
    Review, 1991, (Mar), 58-78 Downloads View citations (128)
  2. Alternative measures of the monetary base: what are the differences and are they important?
    Review, 1991, (Nov), 19-35 Downloads View citations (5)
  3. The multiplier approach to the money supply process: a precautionary note
    Review, 1991, (Jul), 47-64 Downloads View citations (7)

1990

  1. Comments on "Modeling money demand in large industrial countries: Buffer stock and error correction approaches"
    Journal of Policy Modeling, 1990, 12, (2), 463-467 Downloads
  2. Do government deficits matter?
    Review, 1990, (Sep), 25-39 Downloads View citations (2)

1989

  1. Tests of covered interest rate parity
    Review, 1989, (Jul), 55-66 Downloads View citations (4)
  2. The effect of unanticipated money on the money and foreign exchange markets
    Journal of International Money and Finance, 1989, 8, (4), 573-587 Downloads View citations (12)
  3. The link between M1 and the monetary base in the 198O's
    Review, 1989, (Sep), 35-52 Downloads View citations (2)

1988

  1. On the informational content of spot and forward exchange rates
    Journal of International Money and Finance, 1988, 7, (3), 321-330 Downloads View citations (8)
  2. The borrowed-reserves operating procedures: theory and evidence
    Review, 1988, (Jan), 30-54 Downloads View citations (34)
  3. The effect of monetary policy on short-term interest rates
    Review, 1988, (May), 53-72 Downloads View citations (7)
  4. The macroeconomic effects of deficit spending: a review
    Review, 1988, (Nov), 48-60 Downloads

1987

  1. A note on the efficiency of the cochrane-orcutt estimator of the ar(1) regression model
    Journal of Econometrics, 1987, 36, (3), 369-376 Downloads View citations (1)
  2. Solving the 1980s' velocity puzzle: a progress report
    Review, 1987, (Aug), 5-23 Downloads View citations (6)

1986

  1. Price Expectations and the Demand for Money: A Comment
    The Review of Economics and Statistics, 1986, 68, (3), 539-42 Downloads View citations (3)
    See also Working Paper (1984)
  2. The cost of checkable deposits in the United States
    Review, 1986, (Apr), 19-27 Downloads View citations (4)
  3. The discount rate and market interest rates: theory and evidence
    Review, 1986, (Aug), 5-21 Downloads View citations (3)
  4. The monetary-fiscal policy debate and the Andersen-Jordan equation
    Review, 1986, (Oct), 9-17 Downloads View citations (1)

1985

  1. Are weighted monetary aggregates better than simple-sum M1?
    Review, 1985, 67, (Jun), 29-40 Downloads View citations (2)
  2. Lag-Length Selection and Tests of Granger Causality between Money and Income
    Journal of Money, Credit and Banking, 1985, 17, (2), 164-78 Downloads View citations (119)
  3. Monetary anticipations and the demand for money: Reply to MacKinnon and Milbourne
    Journal of Monetary Economics, 1985, 16, (2), 251-257 Downloads View citations (11)
  4. Money demand dynamics: some new evidence
    Review, 1985, 67, (Mar), 14-23 Downloads View citations (5)
  5. The Andersen-Jordan equation revisited
    Journal of Macroeconomics, 1985, 7, (3), 419-432 Downloads View citations (1)
    See also Working Paper (1983)
  6. The discount rate, interest rates and foreign exchange rates: an analysis with daily data
    Review, 1985, 67, (Feb), 22-30 Downloads View citations (8)

1984

  1. An early look at the volatility of money and interest rates under CRR
    Review, 1984, 66, (Oct), 26-32 Downloads
  2. Discount rate changes and the foreign exchange market
    Journal of International Money and Finance, 1984, 3, (3), 279-292 Downloads View citations (14)
    See also Working Paper (1983)
  3. How robust are the policy conclusions of the St. Louis equation?: some further evidence
    Review, 1984, 66, (Jun) Downloads View citations (6)
  4. The government budget constraint with endogenous money
    Journal of Macroeconomics, 1984, 6, (1), 57-67 Downloads View citations (2)

1983

  1. Lagged and contemporaneous reserve accounting: an alternative view
    Review, 1983, 65, (Nov), 26-33 Downloads
  2. M1 or M2: which is the better monetary target?
    Review, 1983, 65, (Jun), 36-42 Downloads View citations (1)
  3. Money, net wealth, and the real-balance effect
    Journal of Macroeconomics, 1983, 5, (1), 105-117 Downloads View citations (1)
  4. Polynomial distributed lags and the estimation of the St. Louis equation
    Review, 1983, 65, (Apr), 13-25 Downloads View citations (11)
  5. The FOMC in 1982: de-emphasizing M1
    Review, 1983, 65, (Jun), 26-35 Downloads
  6. Why does velocity matter?
    Review, 1983, 65, (Dec), 5-13 Downloads View citations (12)

1982

  1. Maximum Likelihood Estimates of a Partial Adjustment-Adaptive Expectations Model of the Demand for Money
    The Review of Economics and Statistics, 1982, 64, (2), 325-29 Downloads View citations (3)
  2. Simple analytics of the money supply process and monetary control
    Review, 1982, 64, (Oct), 22-39 Downloads View citations (7)
  3. The FOMC in 1981: monetary control in a changing financial environment
    Review, 1982, 64, (Apr), 3-22 Downloads
  4. The discount rate and market interest rates: what's the connection?
    Review, 1982, 64, (Jun), 3-14 Downloads View citations (7)

1980

  1. The empirical significance of the real balance effect
    Journal of Macroeconomics, 1980, 2, (3), 213-232 Downloads
 
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