The Effects of Money Announcements under Alternative Monetary Control Procedures

V Vance Roley

Journal of Money, Credit and Banking, 1987, vol. 19, issue 3, 292-307

Abstract: The response of interest rates to money announcement surprises is theoretically exam ined in this paper. In the models developed, not only changes in oper ating procedures, but also reserve-requirement systems, are found to potentially affect the response. The response also varies depending o n the desired degree of monetary control. Moreover, under the current two-week contemporaneous reserve requirements adopted in February 19 84, the responses in the first and second weeks of the two-week reser ve maintenance period may differ. Previous empirical results conform to the predictions of the theoretical models. Copyright 1987 by Ohio State University Press.

Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:19:y:1987:i:3:p:292-307

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