A study of Federal Reserve discount policy as a point process.

Title: A study of Federal Reserve discount policy as a point process.
Identifier: AAI8820856
identifier: 8820856
Creator: Dieringer, Stephanie Louise.
Contributor: Adviser: Salih N. Neftci
Date: 1988
Language: English
Publisher: City University of New York.
Subject: Economics, General
Abstract: This thesis models Federal Reserve discount policy as a stochastic process where realizations consist of a series of point events; the events are occurrences of discount rate changes. Using the timing of discount rate changes we examine two hypotheses regarding the policy motivations behind discount rate changes.;The first hypothesis studied is that the discount rate is an independent tool used for macrostabilization. The second hypothesis is that discount rate changes are technical adjustments instituted in response to conditions outside the monetary authorities control, for instance, changes in other market interest rates.;Our empirical work suggests that the alternative hypothesis is consistent with the history of the discount process. Thus we present a model of Federal Reserve behavior in which discount rate changes are motivated by significant changes in market interest rates.
Type: dissertation
Source: PQT Legacy CUNY.xlsx
degree: Ph.D.