Interest Rate Uncertainty and the Founding of the Federal Reserve
Bibliographic Data
| ID | 10104689 |
|---|---|
| Authors | Tony Caporale (Ohio University, corresponding author), Barbara McKiernan (Ohio University) |
| Year | 1998 |
| Volume | 58 |
| Issue | 4 |
| Pages | 1110-1117 |
| Publication date | 1998-12-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050700021756 |
| OpenAlex | W2112348861 |
| Language | EN |
| Citations received | 1 |
| References cited | 11 |
This article examines the impact of what is undoubtedly the most important monetary regime change in U.S. history: the founding of the Federal Reserve System. We find, using a (G)ARCH model, a significant reduction in interest rate uncertainty following the founding of the Fed. Additionally, we show that the passage of the Aldrich-Vreeland Act in 1908, another significant change in policy, also led to a reduction in interest rate uncertainty. These results are robust to alternative interest rate models, as well as to incorporating the impact of other events important to financial markets in our sample
Central bank · Economics · Financial economics · Interest rate · Monetary economics · Monetary policy · Quantitative easing · Sample (material · Economic theories and models · Market Dynamics and Volatility · Monetary Policy and Economic Impact
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| Unique citing works | 1 |
|---|---|
| Citations per year | 0.04 |
| Citation span | 2003 - 2003 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |