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The credibility of the Wall Street Journal in reporting the timing and details of monetary policy events

Author

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  • Timothy Q. Cook
  • Thomas K. Hahn

Abstract

This paper answers questions raised about our use of the Wall Street Journal in an earlier paper in which we estimated the effect of changes in the federal funds rate target -- the Federal Reserve's policy instrument -- on market interest rates in the 1970s. In that paper we found that changes in the funds rate target caused large movements in short-term interest rates and smaller but significant movements in longer-term rates.

Suggested Citation

  • Timothy Q. Cook & Thomas K. Hahn, 1989. "The credibility of the Wall Street Journal in reporting the timing and details of monetary policy events," Working Paper 89-05, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:fedrwp:89-05
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    Cited by:

    1. Jenny Tang, 2013. "Uncertainty and the signaling channel of monetary policy," Working Papers 15-8, Federal Reserve Bank of Boston.
    2. Rudebusch, Glenn D., 1995. "Federal Reserve interest rate targeting, rational expectations, and the term structure," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 245-274, April.
    3. Levon Goukasian & Mehdi Majbouri, 2010. "The Reaction of Real Estate–Related Industries to the Monetary Policy Actions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(2), pages 355-398, June.

    More about this item

    Keywords

    Monetary policy;

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