THE FOUNDING OF THE FED AND THE BEHAVIOR OF INTEREST-RATES - WHAT CAN BE LEARNED FROM SMALL SAMPLES

• 成果类型: Article
• 署名作者: MANKIW, NG; MIRON, JA; WEIL, DN
• 署名单位: Harvard University; Boston University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)90033-7
• 发表日期: 1994
• 页码: 555-559
• 关键词: Interest rates; federal-reserve

摘要

We take issue with Angelini's (1994) claim that the founding of the Federal Reserve was not responsible for a change in the stochastic process followed by short-term interest rates. We argue that Angelini's failure to reject the null hypothesis of no regime change around the date of the founding of the Fed is due to the low power of his test.