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Tests of the Market's Reaction to Federal Funds Rate Target Changes

Resource Type
Dataset : survey data
  • Thornton, Daniel L. (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
Free Keywords
Federal Reserve System; inflation; markets
  • Abstract

    This research tests several hypotheses about the market's reactions to changes in the Federal Reserve's federal funds rate target and finds that short-term rates and long-term rates responded differently to funds rate target changes when target changes were accompanied by a change in the discount rate. It is shown that the smaller response of long-term rates (in these instances) is due to the market's revising its inflation outlook when the target is changed. No evidence that the size of the market's response varies with the size of the target changes is found, but the response to target changes is somewhat larger when the target change is the first change in a new direction. It should be noted that some of the results are based on a very small number of target changes.
  • Table of Contents


    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • The files submitted are 9811DT.DAT and 9811DT.PRG, data and program files, respectively.

    These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

This version of the study is no longer available on the web. If you need to acquire this version of the data, you have to contact ICPSR User Support (
Alternative Identifiers
  • 1196 (Type: ICPSR Study Number)
  • Is previous version of
    DOI: 10.3886/ICPSR01196.v1
  • Thornton, Daniel L.. Tests of the market's reaction to federal funds rate target changes. Federal Reserve Bank of St. Louis Review.80, (6), 25-36.1998.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Thornton, Daniel L. (1999): Tests of the Market's Reaction to Federal Funds Rate Target Changes. Archival Version. Version: v0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.