Add to ORKGThe effect of money stock announcements on the Federal funds rate has been attributed informally to the information conveyed by the announcements about aggregate reserve demand. This "Aggregate Information Hypothesis" explains the effect without reference to Federal Reserve intervention in the funds market. In this paper I provide a formal model of the Aggregate Information Hypothesis under lagged reserve accounting.The model relies on imperfect information in the funds market, and on imperfect bank arbitrage of reserve demand between days of the week. Some stylized facts are presented about funds rate behavior in the period 1980-1983.
Federal Reserve announcements of future purchases of longer-term bonds may affect asset prices by ch...
Cataloged from PDF version of article.This article re-examines the response of financial markets to ...
Liquidity hoarding by banks and extreme volatility of the fed funds rate have been widely seen as se...
The effect of money stock announcements on the federal funds rate hasbeen attributed informally to t...
An analysis of the effect that monetary control arrangements have on the information content of the ...
The author provides evidence on the perceived existence of a strong liquidity effect. The analysis i...
This paper examines the response of the term structure of interest rates to weekly money announcemen...
A model of interest rate movements in response to new information on the money stock is developed.Th...
In a recent paper in this Review (1983), Bradford Cornell presented a survey of existing literature ...
We examine the impact on the settlement Wednesday effect in daily fed funds rates following the chan...
We use daily data on bank reserves and overnight interest rates to document a striking pattern in th...
Money supply determination under a system of lagged reserve accounting is analyzed. In Model I, unbo...
Chapter I of this dissertation develops a signalling model of money demand to explain money announce...
This paper measures the effect on the federal funds rate of an open-market operation. The paper deal...
Overnight Federal funds and overnight Eurodollars are among the most liquid short-term assets that a...
Federal Reserve announcements of future purchases of longer-term bonds may affect asset prices by ch...
Cataloged from PDF version of article.This article re-examines the response of financial markets to ...
Liquidity hoarding by banks and extreme volatility of the fed funds rate have been widely seen as se...
The effect of money stock announcements on the federal funds rate hasbeen attributed informally to t...
An analysis of the effect that monetary control arrangements have on the information content of the ...
The author provides evidence on the perceived existence of a strong liquidity effect. The analysis i...
This paper examines the response of the term structure of interest rates to weekly money announcemen...
A model of interest rate movements in response to new information on the money stock is developed.Th...
In a recent paper in this Review (1983), Bradford Cornell presented a survey of existing literature ...
We examine the impact on the settlement Wednesday effect in daily fed funds rates following the chan...
We use daily data on bank reserves and overnight interest rates to document a striking pattern in th...
Money supply determination under a system of lagged reserve accounting is analyzed. In Model I, unbo...
Chapter I of this dissertation develops a signalling model of money demand to explain money announce...
This paper measures the effect on the federal funds rate of an open-market operation. The paper deal...
Overnight Federal funds and overnight Eurodollars are among the most liquid short-term assets that a...
Federal Reserve announcements of future purchases of longer-term bonds may affect asset prices by ch...
Cataloged from PDF version of article.This article re-examines the response of financial markets to ...
Liquidity hoarding by banks and extreme volatility of the fed funds rate have been widely seen as se...