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The Adjustment of Expectations to a Change in Regime: A Study of the Founding of the Federal Reserve / N. Gregory Mankiw, Jeffrey A. Miron, David N. Weil.
- Format:
- Book
- Author/Creator:
- Mankiw, N. Gregory.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2124.
- NBER working paper series no. w2124
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- The Adjustment of Expectations to a Change in Regime
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1987.
- Summary:
- The founding of the Federal Reserve System in 1914 led to a substantial change in the behavior of nominal interest rates. We examine the timing of this change and the speed with which it was effected. We then use data on the term structure of interest rates to determine how expectations responded. Our results indicate that the change in policy regime was rapid and that individuals quickly understood the new environment they were facing.
- Notes:
- Print version record
- 1987.
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