ANOTHER SOURCE OF MONEY SUPPLY ANNOUNCEMENT SURPRISES

被引:3
作者
CUNNINGHAM, TJ [1 ]
CUNNINGHAM, RT [1 ]
机构
[1] AGNES SCOTT COLL, DECATUR, GA 30030 USA
关键词
D O I
10.1016/0164-0704(91)90056-Z
中图分类号
F [经济];
学科分类号
02 ;
摘要
The money supply announcement effect literature focuses on the effect of the difference between the Federal Reserve's statistical release and some measure of market expectations, either the Money Market Services (MMS) survey or some model-generated forecast. We argue that the MMS survey release is an announcement, in and of itself, that is capable of surprising the market in the same manner as the Fed's announcement. An examination of market reactions confirms this hypothesis. © 1991.
引用
收藏
页码:279 / 289
页数:11
相关论文
共 9 条
[1]   SUPERIORITY OF ANALYST FORECASTS AS MEASURES OF EXPECTATIONS - EVIDENCE FROM EARNINGS [J].
BROWN, LD ;
ROZEFF, MS .
JOURNAL OF FINANCE, 1978, 33 (01) :1-16
[2]   MONEY SUPPLY ANNOUNCEMENTS AND INTEREST-RATES - ANOTHER VIEW [J].
CORNELL, B .
JOURNAL OF BUSINESS, 1983, 56 (01) :1-23
[3]  
CORNELL B, 1983, AM ECON REV, V73, P644
[4]   INFLATION, OUTPUT, AND MONEY [J].
FAMA, EF .
JOURNAL OF BUSINESS, 1982, 55 (02) :201-231
[6]  
HAFER RW, 1984, J FINANC, V39, P1207
[7]   ECONOMIC-NEWS, EXCHANGE-RATES AND INTEREST-RATES [J].
HARDOUVELIS, GA .
JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 1988, 7 (01) :23-35
[8]  
SHEEHAN RG, 1985, FEDERAL RESERVE AUG, P25
[9]   MARKET RESPONSE TO THE WEEKLY MONEY SUPPLY ANNOUNCEMENTS IN THE 1970S [J].
URICH, T ;
WACHTEL, P .
JOURNAL OF FINANCE, 1981, 36 (05) :1063-1072