No. 141 - The Short-Term Behavior of Interest Rates: Did the Founding of the Fed Really Matter?

by Paolo Angelini
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The paper addresses the issue of the impact of the foundation of the Federal Reserve System on the behavior of the U.S. short-term interest rates. Empirical evidence is presented showing that no regime change in the process governing the short-term rates took place in the years staddling the foundation of the Fed. Since the behavior of this process after 1920 was different from what it was before 1910, the paper discusses some major institutional changes in the U.S. that may have had an impact on the behavior of short-term interest rates during the period 1908-1920.

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  1. 30 September 1990
    No. 141 - The Short-Term Behavior of Interest Rates: Did the Founding of the Fed Really Matter?
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