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Working Paper
Selecting an intermediate target for monetary policy
Journal Article
Five common myths about floating exchange rates
Journal Article
M1 or M2: which is the better monetary target?
Working Paper
Discount rate changes and the foreign exchange market
Changes in the discount rate can have an associated announcement effect on the foreign exchange value of the dollar only if these changes are not anticipated by the market. This paper provides evidence to support this contention. Specifically, discount rate changes made for reasons other than technical adjustments have not been anticipated fully and consequently, their announcement has had a significant impact on the dollar's exchange rate. Furthermore, results are obtained that support the hypothesis that unanticipated discount rate changes alter the expectation of the rate of future ...
Working Paper
The Andersen-Jordan equation, revisited