TY  - JOUR
AU  - Mishkin,Frederic S.
TI  - Monetary Policy and Long-Term Interest Rates: An Efficient Markets Approach
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 517
PY  - 1981
Y2  - April 1981
UR  - http://www.nber.org/papers/w0517
L1  - http://www.nber.org/papers/w0517.pdf
N1  - Author contact info:
Frederic S. Mishkin
Columbia University
Graduate School of Business
Uris Hall 817
3022 Broadway
New York, NY 10027
Tel: 212-854-3488
Fax: 212/662-8474
E-Mail: fsm3@columbia.edu
AB  - This paper is an application of efficient markets theory to analyze empirically the relationship of money supply growth and long-term interest rates. This approach has the advantage over earlier research on this subject in that it imposes a theoretical structure on this relationship that allows easier interpretation of the empirical results as well as more powerful statistical tests. In the interest of ascertaining the robustness of the results, many different empirical tests are carried out in this paper, and they uniformly do not support the proposition that increases in the money supply are correlated with declines in long rates.
ER  -