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The Adjustment of Expectations to a Change in Regime : a Study of the Founding of the Federal Reserve

Author: David N Weil; N Gregory Mankiw; Jeffrey A Miron; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1987.
Series: Working paper series (National Bureau of Economic Research), no. w2124.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The founding of the Federal Reserve System in 1914 led to a substantial change in the behavior of nominal interest rates. We examine the timing of this change and the speed with which it was effected. We then use data on the term structure of interest rates to determine how expectations responded. Our results indicate that the change in policy regime was rapid and that individuals quickly understood the new  Read more...
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Additional Physical Format: Print version:
Mankiw, N. Gregory.
Adjustment of expectations to a change in regime.
Cambridge (1050 Massachusetts Avenue, Cambridge, Mass. 02138) : National Bureau of Economic Research, 1987
(OCoLC)1521987
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David N Weil; N Gregory Mankiw; Jeffrey A Miron; National Bureau of Economic Research.
OCLC Number: 756572378
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w2124.
Responsibility: N. Gregory Mankiw, Jeffrey A. Miron, David N. Weil.

Abstract:

The founding of the Federal Reserve System in 1914 led to a substantial change in the behavior of nominal interest rates. We examine the timing of this change and the speed with which it was effected. We then use data on the term structure of interest rates to determine how expectations responded. Our results indicate that the change in policy regime was rapid and that individuals quickly understood the new environment they were facing.

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