Money Announcements, The Demand for Bank Reserves, and the Behavior of the Federal Funds Rate within the Statement Week
提出一个正式模型，解释货币存量公告如何通过传递准备金总需求信息影响联邦基金利率，无需美联储干预。模型基于基金市场信息不完全和银行跨日套利不完全，并展示了1980-1983年基金利率的典型事实。
The effect of money stock announcements on the federal funds rate has been attributed informally to the information conveyed by the announcements about aggregate reserve demand. This "Aggregate Information\nHypothesis" explains the effect without reference to Federal Reserve intervention in the funds market. In this paper I provide a formal model of the Aggregate Information Hypothesis under lagged reserve accounting.\nThe model relies on imperfect information in the funds market, and on imperfect bank arbitrage of reserve demand between days of the week. Some stylized facts are presented about funds rate behavior in the period 1980-1983.