Reserves Announcements and Interest Rates: Does Monetary Policy Matter?
分析1979年10月后美联储每周准备金公告对利率期限结构的影响，发现非借入与借入准备金构成的意外变化会通过预示未来货币供给变动而改变预期实际利率。
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.