Abstract

http://ssrn.com/abstract=338780
 
 

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Interest Rates, Money Supply Announcements, and Monetary Base Announcements


John P. Huizinga


University of Chicago - Booth School of Business

Leonardo Leiderman


Tel Aviv University - Eitan Berglas School of Economics; Bank of Israel

September 1985

NBER Working Paper No. w1705

Abstract:     
This paper presents a new set of empirical regularities on the link between interest rates, money supply announcements and monetary base announcements. Among the main findings reported are: (i) unexpected increases in the announced monetary base have a significantly positive effect on interest rates during the period from October 1979 to October 1982; (ii) although unexpected money supply and monetary base announcements have the same impact on interest rates, they have different implications for the future behavior of the money supply and monetary base; (iii) the significant response of longer-term interest rates to unexpected monetary announcements is reflecting a response of current and expected future short-term rates -- i.e.term-structure premia are not altered by these announcements.

Number of Pages in PDF File: 70

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Date posted: May 28, 2004  

Suggested Citation

Huizinga, John P. and Leiderman, Leonardo, Interest Rates, Money Supply Announcements, and Monetary Base Announcements (September 1985). NBER Working Paper No. w1705. Available at SSRN: http://ssrn.com/abstract=338780

Contact Information

John Huizinga (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-7272 (Phone)
773-702-2225 (Fax)
Leonardo Leiderman
Tel Aviv University - Eitan Berglas School of Economics
P.O. Box 39040
Ramat Aviv, Tel Aviv, 69978
Israel
Bank of Israel
P.O. Box 780
Jerusalem, 91907
Israel
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