Monetary Policy and Long-Term Interest Rates: An Efficient Markets Approach / Frederic S. Mishkin.

Format:

Book

Author/Creator:

Mishkin, Frederic S.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w0517.

NBER working paper series no. w0517

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Monetary Policy and Long-Term Interest Rates

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1980.

Summary:

This paper is an application of efficient markets theory to analyze empirically the relationship of money supply growth and long-term interest rates. This approach has the advantage over earlier research on this subject in that it imposes a theoretical structure on this relationship that allows easier interpretation of the empirical results as well as more powerful statistical tests. In the interest of ascertaining the robustness of the results, many different empirical tests are carried out in this paper, and they uniformly do not support the proposition that increases in the money supply are correlated with declines in long rates.

Notes:

Print version record

July 1980.