Money Supply Announcements and the Market's Perception of Federal Reserve Policy
研究货币供应公告为何引起利率变化，通过考虑投资者对美联储政策立场的预期，区分了流动性溢价和预期通胀假说，结果支持流动性溢价假说。
This paper investigates the reason why innovations in money-supply announcements cause interest rates to change. The paper empirically discriminates between the liquidity premium and the expected inflation hypotheses by directly taking into account investors expectations regarding the Federal Reserve's monetary policy stance. The results support the liquidity premium hypothesis, and the model provides an explanation for the observed time variation in the response of interest rates to money announcement surprises. Copyright 1990 by Ohio State University Press.