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1986 Working Papers

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A Critique of Theories of Money Stock Determination
By Robert L. Hetzel
Working Paper 86-6
Released: October 1986

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The Information Content of Discount Rate Announcements and Their Effect on Market Interest Rates
By Thomas K. Hahn & Timothy Q. Cook
Working Paper 86-5
Released: September 1986

This paper presents evidence that throughout the 1973-85 period the Federal Reserve systematically used certain types of discount rate announce-ments to signal changes in its policy instrument, the Federal funds rate. Market participants understood the...

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Interest Rate Smoothing and Price Level Trend-Stationarity (Same as Working Paper #1987-3)
By Marvin Goodfriend
Working Paper 86-4
Released: July 1986

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Theoretical Analysis of the Demand for Money
By Marvin Goodfriend & Bennett T. McCallum
Working Paper 86-3
Released: July 1986

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The Reaction of Interest Rates to Unanticipated Federal Reserve Actions and Statements, 1977-1984: Implications for the Money Announcement Controversy
By Thomas K. Hahn & Timothy Q. Cook
Working Paper 86-2
Released: June 1986

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The Demand for Currency in the United States
By Michael Dotsey
Working Paper 86-1
Released: March 1986

The idea of totally deregulating the financial system and implementing monetary policy through currency control has received renewed attention. An important aspect concerning the desirability of using currency as the instrument of policy is the behavior...

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>Read More (PDF 1.9MB)

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