Monetary Policy Signaling from the Administration to the Federal Reserve

Thomas Havrilesky

Journal of Money, Credit and Banking, 1988, vol. 20, issue 1, 83-101

Abstract: This paper develops an index of monetary policy signals from the Administration to the Federal Reserve based on articles which appeared in the Wall Street Journal in which Administration off icials express a desire for easier or tighter monetary policy. In reg ressions, the index has a significant effect on the money supply. In reaction functions, the index responds to variables which measure the state of the economy. Money growth does not respond to the same stat e-of-the-economy measures but does respond to signals from the Admini stration. Further evdience suggests that the index is Granger-causal with respect to the money supply. Copyright 1988 by Ohio State University Press.

Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:20:y:1988:i:1:p:83-101

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