{"id":438,"date":"1987-06-01T08:45:01","date_gmt":"1987-06-01T05:45:01","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=438"},"modified":"2023-08-02T17:32:51","modified_gmt":"2023-08-02T14:32:51","slug":"reserve-announcements-interest-rates-monetary-policy-matter","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/reserve-announcements-interest-rates-monetary-policy-matter\/","title":{"rendered":"Reserve Announcements and Interest Rates: Does Monetary Policy Matter?"},"content":{"rendered":"<p class=\"qtranxs-available-languages-message qtranxs-available-languages-message-el\">\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 <a href=\"https:\/\/hardouvelis.gr\/en\/wp-json\/wp\/v2\/posts\/438\" class=\"qtranxs-available-language-link qtranxs-available-language-link-en\" title=\"English\">English<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p><p><strong>Reserve Announcements and Interest Rates: Does Monetary Policy Matter?<\/strong><br \/>\nAuthor: G. Hardouvelis<br \/>\n<em>Journal: The Journal of Finance &#8211; Vol. XLII, NO2 &#8211; June 1987<\/em><\/p>\n<p>Abstract: The author provides evidence on the perceived existence of strong liquidity effect. The analysis is based on the response of the term structure of interest rates to the weekly Federal Reserve announcements of bank reserves during the post-October 1979 period. It is shown that unanticipated changes in the mix between borrowed and nonborrowed reserves cause expected real interest rates to change after the announcement because they provide information about a future change in the supply of money. A precise model is developed and tested during subperiods of nonborrowed and borrowed reserves targeting by the Fed.<\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2017\/12\/JF_June_1987-422_407-22_HQ.pdf\">Download Reserve Annoncements and Interest Rates: Does Monetary Policy Matter? pdf<\/a><\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 English. For the sake of viewer convenience, the content is shown below in the alternative language. You<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,5],"tags":[3251],"yst_prominent_words":[770,480,768,769,725,495,49,231,739,771,128,125,767,765,766],"class_list":["post-438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academic-publications","category-publications-in-refereed-academic-journals","tag-academic-publications"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=438"}],"version-history":[{"count":1,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/438\/revisions"}],"predecessor-version":[{"id":440,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/438\/revisions\/440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=438"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}