English, Article, Journal or magazine article edition: The information content of discount rate announcements and their effect on market interest rates Timothy Cook; Thomas Hahn

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Bookmark: http://trove.nla.gov.au/version/74584
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The information content of discount rate announcements and their effect on market interest rates
Author
  • Timothy Cook
  • Thomas Hahn
Physical Description
  • preprint
Notes
  • This paper presents evidence that throughout the 1973-85 period the Federal Reserve systematically used certain types of discount rate announcements to signal changes in its policy instrument, the Federal funds rate. Market participants understood the signals contained in discount rate announcements and used them to revise their expectations of the future path of the funds rate. These revisions in funds rate expectations caused movements in Treasury bill rates. The paper also presents evidence that discount rate announcements signaling changes in the funds rate had a strong effect on bond rates in the period since October 1979.
  • Monetary policy ; Interest rates
  • RePEc:fip:fedrwp:86-05
Language
  • English
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