THE RELATION BETWEEN NARRATIVE AND MONEY MARKET INDICATORS OF MONETARY POLICY
作者:
JOHN F. BOSCHEN,
LEONARD O. MILLS,
期刊:
Economic Inquiry
(WILEY Available online 1995)
卷期:
Volume 33,
issue 1
页码: 24-44
ISSN:0095-2583
年代: 1995
DOI:10.1111/j.1465-7295.1995.tb01844.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
This paper studies the relation between narrative‐based indicators of monetary policy and widely used money market indicators of monetary policy. Three principal findings emerge. First, changes in monetary policy, as measured by the narrative‐based policy indices, are associated with persistent changes in the levels of M2 and the monetary base. In contrast, changes in the narrative policy indicators lead to transitory changes in short‐term interest rates, nonborrowed reserves, and the spread between the six‐month commercial paper rate and the three‐month treasury bill rate. Third, these findings are generally robust across different narrative‐based pol
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