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

Barry Falk and Peter Orazem

Staff General Research Papers Archive from Iowa State University, Department of Economics

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.

Date: 1989-08-01
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Published in Journal of Money, Credit and Banking, August 1989, vol. 21 no. 3, pp. 401-406

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Working Paper: The Role of Systematic Fed Errors in Explaining the Money Supply Announcements Puzzle (1989)
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