Monetary Policy and Short‐term Interest Rates: An Efficient Markets‐Rational Expectations Approach
运用有效市场理性预期理论，实证分析货币供应增长与短期利率的关系，发现货币增长增加与短期利率下降并不相关。
ABSTRACT This paper is an application of efficient markets‐rationael xpectations theory to analyze empirically the relationship of money supply growth and short‐term interest rates, a hotly debated issue in the literature. This approach has the advantage over earlier research on this subject in that it imposes a theoretical structure that allows easier interpretation of the empirical results as well as more powerful statistical tests. The empirical results uniformly do not support the proposition that increases in money growth are correlated with declines in short rates.