TY  - JOUR
AU  - Urich,Thomas
AU  - Wachtel,Paul
TI  - The Structure of Expectations of the Weekly Money Supply Announcement
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 1090
PY  - 1984
Y2  - October 1984
UR  - http://www.nber.org/papers/w1090
L1  - http://www.nber.org/papers/w1090.pdf
N1  - Author contact info:
Paul Wachtel
Stern School of Business
New York University
44 West 4th Street (769)
New York, NY 10012
Tel: 212-998-4030
E-Mail: pwachtel@stern.nyu.edu
AB  - This paper examines the structure of expectations of the weekly money supply announcement in the late 1970s. The data used are from a weekly telephone survey of money market participants. The rationality and structure of expectations are explored with the data organized in three ways:the mean response to each weekly survey, the pooled sample of individual responses, and time series of responses by each individual in the survey.The effect of data aggregation on rationality tests is investigated. The structure of the expectations data are also examined and it is found that both strong regressive influences and adaptive learning characterize the data.
ER  -