The Role of Systematic Fed Errors in Explaining the Money Supply Announcements Puzzle: A Note

Barry Falk and Peter Orazem

Journal of Money, Credit and Banking, 1989, vol. 21, issue 3, 401-06

Abstract: Empirical studies of the effects of the Federal Reserve's weekly money-supply announcements on interest rates have tended to find that interest-rate changes following these announcements are positively correlated with the anticipated component of the announcement. These studies also have tended to find structural changes in interest-rate responses to money-supply announcements following the Fed's October 1979 policy changes. This paper suggests that these conclusions may simply reflect a failure to adequately account for the presence of systematic errors in the Fed's weekly estimates of the money supply. Copyright 1989 by Ohio State University Press.

Date: 1989
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