You are here

FAU Collections » FAU Research Repository » FAU Theses and Dissertations

THEORETICAL AND EMPIRICAL ASSESSMENT OF ALTERNATIVE MONETARY CONTROL PROCEDURES IN THE UNITED STATES

Download pdf | Full Screen View

Date Issued:
1985
Summary:
This thesis theoretically and empirically analyzes the effectiveness of alternative monetary control procedures in the United States in recent years. The overall strategy of monetary policy is described and the implications of the federal funds rate and non-borrowed reserves targeting procedures for interest rate volatility and money demand stability are discussed. Tests of linear restrictions using dummy variable specifications as well as ex post forecasts suggest that there has been a change in the interest elasticity as well as the intercept of the money demand function in 1979. The empirical specifications examined in this study use a partial-adjustment model and employ appropriate econometric techniques to obtain consistent and efficient coefficient estimates. Finally a reduced-form model of the money market is used to compare out-of-sample forecasts from alternative operating procedures.
Title: A THEORETICAL AND EMPIRICAL ASSESSMENT OF ALTERNATIVE MONETARY CONTROL PROCEDURES IN THE UNITED STATES.
40 views
15 downloads
Name(s): WHITE, MARILYN.
Florida Atlantic University, Degree grantor
Manage, Neela D., Thesis advisor
College of Business
Department of Economics
Type of Resource: text
Genre: Electronic Thesis Or Dissertation
Issuance: monographic
Date Issued: 1985
Publisher: Florida Atlantic University
Place of Publication: Boca Raton, Fla.
Physical Form: application/pdf
Extent: 85 p.
Language(s): English
Summary: This thesis theoretically and empirically analyzes the effectiveness of alternative monetary control procedures in the United States in recent years. The overall strategy of monetary policy is described and the implications of the federal funds rate and non-borrowed reserves targeting procedures for interest rate volatility and money demand stability are discussed. Tests of linear restrictions using dummy variable specifications as well as ex post forecasts suggest that there has been a change in the interest elasticity as well as the intercept of the money demand function in 1979. The empirical specifications examined in this study use a partial-adjustment model and employ appropriate econometric techniques to obtain consistent and efficient coefficient estimates. Finally a reduced-form model of the money market is used to compare out-of-sample forecasts from alternative operating procedures.
Identifier: 14238 (digitool), FADT14238 (IID), fau:11048 (fedora)
Collection: FAU Electronic Theses and Dissertations Collection
Note(s): College of Business
Thesis (M.A.)--Florida Atlantic University, 1985.
Subject(s): Monetary policy
Money--United States
Held by: Florida Atlantic University Libraries
Persistent Link to This Record: http://purl.flvc.org/fcla/dt/14238
Sublocation: Digital Library
Use and Reproduction: Copyright © is held by the author, with permission granted to Florida Atlantic University to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Use and Reproduction: http://rightsstatements.org/vocab/InC/1.0/
Host Institution: FAU
Is Part of Series: Florida Atlantic University Digital Library Collections.