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| Tekijä: | Hardy, D. |
| Otsikko: | Anticipation and surprises in Central Bank interest rate policy: the case of Bundesbank |
| Lehti: | Staff Papers
1998 : DEC, VOL. 45:4, p. 647-671 |
| Asiasana: | IMF INTEREST RATES CENTRAL BANKS |
| Kieli: | eng |
| Tiivistelmä: | Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes, and applied to estimate the response of euro-deutsche mark interest rates to adjustments in the Bundesbank's Lombard and discount rates. |
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