Money, Interest Rates, and Inflation
Although most monetary specialists will be familiar with Mishkin s work this is still a volume to acquire and essential for libraries. R. Sedgwick, The Economic Journal Frederic Mishkin's work has been dedicated to understanding the relationship between money, interest rates and inflation, an integral part of the monetary transmission process. The 15 essays in this collection unabashedly empirical and rigorous include much of Professor Mishkin's most frequently cited work. Money, Interest Rates and Inflation offers a coherent and informative assessment of how monetary policy affects the economy. In addition, the essays in this collection illustrate how rational expectations econometrics can be used in empirical research on a broad range of topics and issues. The introductory essay provides an overview of Professor Mishkin's work and the unifying themes which have influenced his thought. The book will be of interest to researchers and graduate students in the areas of econometrics, finance and monetary-macroeconomics.
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American Economic Review assets asymptotic autocorrelations bill rate coefficients Cumby econometric eprr equality of real error of inflation error term estimated real rates evidence ex ante real ex post real ex-ante Exchange Rates expected inflation changes F.S. Mishkin Fama Fama's Financial Fisher effect forecast error forecasting equation forward rate future inflation future path futures market data heteroscedasticity Huizinga and Mishkin indicates inflation rate interest parity Journal of Finance JUNE JUNE JUNE marginal significance level Mishkin monetary policy money growth months nominal interest rates nominal term structure null hypothesis October own-commodity real rates Panel paper path of inflation post real rate price index rational expectations real interest rates real rate regressions real return real term structure rejected sample period serial correlation short-term interest rates spot rate standard errors statistically significant structure about future structure of real Table term structure slopes U.S. Treasury bills unanticipated variance variance-covariance matrix