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- W2109173621 abstract "This article revisits the key issue raised by researchers who have empirically investigated the behaviour of short term US interest rates during the period 1890–1933. The seminal article of Mankiw, Miron and Weil (1987 Mankiw, NG, Miron, J and Weil, D. 1987. The adjustment of expectations to a change in regime: a study of the founding of the federal reserve. The American Economic Review, 77: 358–74. [Web of Science ®] , [Google Scholar]) argues that changes in the behaviour of nominal interest rates is best explained as a monetary regime shift that occurred with the founding of the Federal reserve in 1914. This explanation is rejected by Newbold, Lehybourne, Sollis and Wohar (2001 Newbold, P, Leybourne, S, Sollis, R and Wohar, M. 2001. US and UK interest rates, 1890–1934: new evidence on structural breaks. Journal of Money, Credit and Banking, 33: 235–50. [Crossref] , [Google Scholar]) who show that fiscal and regulatory changes (driven by the needs of World War1 financing) best explain the changing behaviour of interest rates that they identify as beginning in mid-1917. We find, using three different statistical procedures that a structural break in the second moment of interest rates occurred in early 1915. This supports the monetary regime shift argument of MMW by illustrating that the interest rate smoothing policies of the FED can be observed as a variance break in short term interest rates." @default.
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- W2109173621 date "2009-05-01" @default.
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- W2109173621 title "The start of interest rate smoothing in the US: is it a monetary or fiscal story?" @default.
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- W2109173621 doi "https://doi.org/10.1080/00036840601019380" @default.
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