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- W2003397241 abstract "Abstract When the Federal Reserve announce a larger than anticipated weekly level of the US money stock (M1) the dollar appreciates and short-term interest rates increase because of an expected liquidity effect, but long-term interest rates and particularly long-run forward interest rates increase because of an expected inflation effect. The two effects are not mutually exclusive but coexist when market participants are not completely sure of the Fed's policy rule, and thus react in a weighted average manner with weights that reflect subjective probabilities about different Federal Reserve money growth policies." @default.
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- W2003397241 date "1985-12-01" @default.
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- W2003397241 title "Exchange rates, interest rates, and money-stock announcements: a theoretical exposition" @default.
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- W2003397241 doi "https://doi.org/10.1016/0261-5606(85)90022-1" @default.
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