Unanticipated Money and Interest Rates

V. Vance Roley and Carl Walsh

No 1278, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Evidence on the relationship between unanticipated money and interestrates has been provided by two types of studies. First, several researchers have investigated the relationship using quarterly data. Second, a number of researchers have examined the effect of money announcement surprises on interest rates. In both instances, the correlation between money surprises and interest rates has usually been found to be non-negative.This paper first provides an interpretation of the correlation between unanticipated money and interest rates in terms of Federal Reserve policy objectives and operating procedures. Then, the correlation of unanticipated money and both short- and long-term interest rates is examined over weekly intervals, combining several aspects of the previous quarterly and announcement studies. In addition, the distinction between unpredicted and unperceived money also is considered.

Date: 1984-02
Note: ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published as Roely, V. Vance and Carl E. Walsh. "Unanticipated Money and Interest Rates ." American Economic Review, Vol. 74, No. 2, (May 1984), pp. 49-54.

Downloads: (external link)
http://www.nber.org/papers/w1278.pdf (application/pdf)

Related works:
Journal Article: Unanticipated Money and Interest Rates (1984)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:1278

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w1278

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().