The Relationship Between the Daily and Policy-Relevant Liquidity Effects
收藏ICPSR2013-01-01 更新2026-04-16 收录
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资源简介：
The phrase "liquidity effect" was introduced by Milton Friedman (1969) to describe the first of three effects on interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using monthly and quarterly monetary and reserve aggregates data led Hamilton (1997) to suggest that more convincing evidence of the liquidity effect could be obtained with daily data -- the daily liquidity effect. This paper investigates the implications of the daily liquidity effect for Friedman's liquidity effect using a more comprehensive model of the Federal Reserve's daily operating procedure than has been previously used in the literature.
提供机构：
Federal Reserve Bank of St. Louis
创建时间：
2013-01-01
