haku: @author Kuttner, K. N. / yhteensä: 3
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| Tekijä: | Friedman, B. M. Kuttner, K. N. |
| Otsikko: | Indicator properties of the paper-bill spread: Lessons from recent experience |
| Lehti: | Review of Economics and Statistics
1998 : FEB, VOL. 80:1, p. 34-44 |
| Asiasana: | INTEREST RATES COMMERCIAL PAPER TREASURY BILLS MONETARY POLICY BUSINESS CYCLES USA |
| Kieli: | eng |
| Tiivistelmä: | This work supports two different explanations for the US paper-bill spread's failure to anticipate the 1990-1991 recession: there is evidence that the recession was unusual in not having been brought about tight monetary policy. There is also evidence that movements of the spread during the several years prior to the recession were influenced by changes in the outstanding quantities of commercial paper, bank CDs, and Treasury bills that occurred for reasons unrelated to the business cycle. There's no evidence that changing market perceptions of default risk had much influence on the spread's unusual movements during this period, or that commercial paper and Treasury bills have become closer substitutes in recent years. |
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