TY  - JOUR
AU  - Roley,V. Vance
TI  - The Response of Short-Term Interest Rates to Weekly Money Announcements
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 1001
PY  - 1983
Y2  - December 1983
UR  - http://www.nber.org/papers/w1001
L1  - http://www.nber.org/papers/w1001.pdf
N1  - Author contact info:
V. Vance Roley
Department of Finance/DJ-10
Graduate School of Business
University of Washington
Seattle, WA  98195
Tel: 206/545-7476
E-Mail: vroley@u.washington.edu
AB  - The response of short-term interest rates to weekly money announcements since the Federal Reserve's change in operating procedures on October 6, 1979, is examined in this paper. The results indicate that the response increased significantly since October 1979, and that it varies nonlinearly according to the relation of money growth to the Federal Reserve!s long-run targets. The results also suggest that the increase in the response and the rise in the volatility of unanticipated money have contributed about equally to the large rise in interest rate volatility during this period.
ER  -