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Do productivity growth, budget deficits, and monetary policy actions affect real interest rates? evidence from macroeconomic announcement data

Kliesen, Kevin L.; Schmid, Frank A. - Federal Reserve Bank of St. Louis - 2004

responds positively to surprises in labor productivity growth. However, we do not reject the hypothesis that the real long …

Persistent link: https://www.econbiz.de/10005352806

Money and the natural rate of interest: structural estimates for the United States and the Euro area

Andrés, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2007

We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility … and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for … holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for …

Persistent link: https://www.econbiz.de/10005352963

The stability of interest rate processes

Bliss, Robert R.; Smith, David C. - Federal Reserve Bank of Atlanta - 1997

This paper presents a careful reexamination of Chan, Karolyi, Longstaff, and Sanders (CKLS 1992). By redefining the possible regime shift period in line with evidence from known policy changes and past empirical research, we find evidence that contradicts the major results in their paper. The...

Persistent link: https://www.econbiz.de/10005721636

On the response of interest rates to unexpected weekly money: are policy changes important?

Sheehan, Richard G.; Hafer, R.W. - Federal Reserve Bank of St. Louis - 1987

Persistent link: https://www.econbiz.de/10005360574

Monetary policy and the determination of the interest rate and exchange rate in a small open economy with increasing capital mobility

Ahn, Byung Chan - Federal Reserve Bank of St. Louis - 1994

Singapore. The emperical results show that in the Korean case changes in money supply affect the interest rate, but do not … rate and the expected change in the exchange rate, as well as by changes in the money supply; changes in the money supply …

Persistent link: https://www.econbiz.de/10005360575

A new federal funds rate target series: September 27, 1982, - December 31, 1993

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2005

meetings, the FOMC Blue Book, the Report of Open Market Operations and Money Market Conditions, and data that the author …

Persistent link: https://www.econbiz.de/10005352810

Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2005

Despite its important role in macroeconomics and finance, the expectations hypothesis (EH) of the term structure of interest rates has received little empirical support. While the EH*s poor performance has been attributed to a variety of sources, none appear to account for the EH*s poor...

Persistent link: https://www.econbiz.de/10005352812

The daily liquidity effect

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2006

Motivated, on the one hand, by the belief that the Fed controls the short-term rate through open market operations, and on the other, by "the lack of convincing proof that this is what happens," Hamilton (1997) suggested that more convincing evidence of the liquidity effect could be obtained...

Persistent link: https://www.econbiz.de/10005352851

The inflationary effects of the use of reserve ratio reductions, or open market purchases, to reduce market interest rates: a theoretical comparison

Russell, Steven; Espinosa, Marco - Federal Reserve Bank of St. Louis - 1990

Persistent link: https://www.econbiz.de/10005352880

Monetary policy in a low policy rate environment

Bullard, James - Federal Reserve Bank of St. Louis - 2013

May 23, 2013. Presentation. "Monetary Policy in a Low Policy Rate Environment." OMFIF Golden Series Lecture, London.

Persistent link: https://www.econbiz.de/10010727333