Anticipation and Surprises in Central Bank Interest Rate Policy: The Case of the Bundesbank

被引：0
|
作者：
Hardy D.C.
机构：
来源：
Staff Papers | 1998年 / 45卷 / 4期
关键词：
E43; E47;
D O I：
10.2307/3867588
中图分类号：
学科分类号：
摘要：
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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页码：647 / 671
页数：24
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