THE IMPACT OF MONEY ON SHORT‐TERM INTEREST RATES
THE IMPACT OF MONEY ON SHORT‐TERM INTEREST RATES
复制标题
货币对短期利率的影响
DOI：
10.1111/j.1465-7295.1987.tb00723.x
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发表时间：
1987
期刊：
影响因子：
1.8
通讯作者：
William R. Reichenstein
中科院分区：
文献类型：
--
作者：
William R. Reichenstein
本研究回顾了与货币对短期名义利率影响相关的四种研究方法的经验证据。这些研究始终未能找到证据支持至少自1975年4月以来货币与名义利率之间的短期负相关关系。不存在负相关关系的原因包括金融市场倾向于在M1偏离目标增长范围时预期美联储会采取纠正措施，以及通胀预期会根据货币增长的变化迅速调整。版权所有1987年由牛津大学出版社。
This study reviews empirical evidence from four research methods related to the impact of money on short-term nominal rates. The studies consistently fail to find evidence supporting the much hypothesized short-term, negative relationship between money and nominal rates since at least April 1975. Reasons for the absence of a negative relationship include the tendency of financial markets to anticipate corrective action by the Fed whenever M1 deviates from targeted growth ranges and a rapid adjustment of inflationary expectations to changes in money growth. Copyright 1987 by Oxford University Press.