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Monetary Policy and Short-Term Interest Rates: An Efficient Markets- Rational Expectations Approach

Frederic S. Mishkin
The Journal of Finance
Vol. 37, No. 1 (Mar., 1982), pp. 63-72
Published by: Wiley for the American Finance Association
DOI: 10.2307/2327117
Stable URL: http://www.jstor.org/stable/2327117
Page Count: 10
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Monetary Policy and Short-Term Interest Rates: An Efficient Markets- Rational Expectations Approach
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Abstract

This paper is an application of efficient markets-rational expectations theory to analyze empirically the relationship of money supply growth and short-term interest rates, a hotly debated issue in the literature. This approach has the advantage over earlier research on this subject in that it imposes a theoretical structure that allows easier interpretation of the empirical results as well as more powerful statistical tests. The empirical results uniformly do not support the proposition that increases in money growth are correlated with declines in short rates.

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