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The Relationship Between the Daily and Policy-Relevant Liquidity Effects

Version
v0
Resource Type
Dataset : survey data
Creator
  • Thornton, Daniel L. (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
2013-06-14
Language
English
Free Keywords
money supply
Description
  • Abstract

    The phrase "liquidity effect" was introduced by Milton Friedman (1969) to describe the first of three effects on interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using monthly and quarterly monetary and reserve aggregates data led Hamilton (1997) to suggest that more convincing evidence of the liquidity effect could be obtained with daily data -- the daily liquidity effect. This paper investigates the implications of the daily liquidity effect for Friedman's liquidity effect using a more comprehensive model of the Federal Reserve's daily operating procedure than has been previously used in the literature.
  • Table of Contents

    Datasets:

    • DS1: Dataset
Geographic Coverage
  • United States
Sampled Universe
United States money supply
Collection Mode
  • The data are distributed as a Microsoft Excel file, which provides data, tables, and figures used in the publication.

    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 investigators if further information is desired.

Availability
Delivery
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 (help@icpsr.umich.edu).
Alternative Identifiers
  • 34703 (Type: ICPSR Study Number)
Relations
  • Is previous version of
    DOI: 10.3886/ICPSR34703.v1
Publications
  • Thornton, Daniel. The relationship between the daily and policy-relevant liquidity effects. Federal Reserve Bank of St. Louis Review.92, (1), 73-88.2010.
    • ID: http://research.stlouisfed.org/publications/review/10/01/Thornton.pdf (URL)

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-16

Thornton, Daniel L. (2013): The Relationship Between the Daily and Policy-Relevant Liquidity Effects. Archival Version. Version: v0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/ICPSR34703