Text
Interest rate variability, government securities dealers, and the stability of financial markets
Monetarists argue that monetary policy should focus on controlling monetary growth rather than interest rates. Arguments to smooth rates at the expense of stabilizing monetary growth frequently emphasize the adverse effects of rate variability on financial markets. Assuming that financial market performance can be correctly inferred from dealer positions and spreads, this paper estimates the parameters of a model that allows for both short- and long-term effects of rate variability on dealer positions and spreads. Estimates of variability effects on government securities dealer positions and spreads provide little support for limiting variability to maintain or improve market performance because most of the adverse effects of variability are temporary. Printed Journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JME0503 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Amsterdam: North-Holland Publishing 1979 |
|---|---|
| Edisi | Vol. 5, No. 3, July., 1979 |
| Subjek | Monetary policy Interest rates financial market performance Monetarists Monetary growth |
| ISBN/ISSN | 0304-3923 |
| Klasifikasi | NONE |
| Deskripsi Fisik | 7 p. |
| Info Detail Spesifik | Journal of Monetary Economics |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |