MORE ON THE BEHAVIOR OF INTEREST-RATES AND THE FOUNDING OF THE FED

• 成果类型: Article
• 署名作者: ANGELINI, P
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)90032-9
• 发表日期: 1994
• 页码: 537-553
• 关键词: SHORT-TERM INTEREST RATES; term structure; federal-reserve

摘要

The paper addresses the issue of the impact of the foundation of the Federal Reserve System in 1914 on the behavior of short-term interest rates. Empirical evidence is presented showing that no change of regime can be detected in the process governing short-term rates in the years straddling the foundation of the Fed. Since the behavior of this process did change in the decade 1910-1920, the paper discusses some historical events and institutional changes in the New York money market that had an impact on the behavior of short-term interest rates between 1908 and 1920.