This paper presents evidence that throughout the 1973-85 period the Federal Reserve systematically used certain types of discount rate a nnouncements to signal changes in its policy instrument, the federal funds rate. Market participants understood the signals contained in d iscount rate...

Considerable attention has been devoted to the reaction of interest rates, foreign exchange rates, and stock prices to unanticipated money growth revealed by the weekly M1 money stock announcement. Numerous articles have attempted to explain why nominal interest rates rise following the...

This paper examines the reaction of long- and short-term interest rates to monetary polic y surprises that influenced market expectations of the future behavio r of the Federal Funds rate in the period after October 1979. The aut hors find that the relative reaction of long- and short-term rates...

In this paper, we extend the vehicle routing problem with clustered backhauls (VRPCB) to an integrated routing and three-dimensional loading problem, called VRPCB with 3D loading constraints (3L-VRPCB). In the VRPCB each customer is either a linehaul or a backhaul customer and in each route all...

A window of opportunity to promote organic farming is open for the Central and Eastern European Countries (CEEC) that joined the EU in 2004. The development of organic farming has the potential to decrease the amount of nutrient leaching to the Baltic Sea and could help to stop the environmental...