Access Statistics for Daniel Thornton

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Working Paper File Downloads Abstract Views
Last month 3 months 12 months Total Last month 3 months 12 months Total
A Dynamic Factor Analysis of the Response of U.S. Interest Rates to News 0 1 1 187 0 1 8 512
A dynamic factor analysis of the response of U. S. interest rates to news 0 0 0 139 0 0 3 440
A new federal funds rate target series: September 27, 1982, - December 31, 1993 1 1 4 61 1 2 19 307
A note on the expectations hypothesis at the founding of the Fed 0 0 0 82 0 0 2 311
A note on the relative efficiency of the Cochrane-Orcutt and OLS estimators when the autocorrelation process has a finite past 0 0 1 17 0 1 4 98
An Evaluation of Event-Study Evidence on the Effectiveness of the FOMC’s LSAP Program: Are the Announcement Effects Identified? 0 0 2 34 0 0 4 78
Asymmetry in the prime rate and firms' preference for internal finance 0 0 1 82 0 1 5 741
Complete results for lag length selection 0 0 0 47 0 0 0 117
Discount rate changes and the foreign exchange market 0 0 0 28 0 0 2 174
Discount rate policies of five Federal Reserve Chairmen 0 1 4 175 0 3 8 1,604
Do bank loan rates exhibit a countercyclical mark-up? 0 0 3 112 0 0 7 431
Endpoint constraints and the St. Louis equation: a clarification 0 0 0 28 0 0 0 79
Evidence on the portfolio balance channel of quantitative easing 1 4 15 123 3 12 67 432
Federal Funds Rate Prediction 0 0 1 482 0 1 15 6,387
Federal Funds Rate Prediction 0 0 2 202 0 1 13 1,878
Federal Funds Rate Prediction 0 0 2 20 0 1 12 95
Federal funds rate prediction 0 0 3 322 0 2 11 1,494
Forecasting the Treasury's balance at the Fed 0 0 0 73 0 0 2 317
Greenspan’s conundrum and the Fed’s ability to affect long-term yields 2 4 8 65 4 8 21 240
How Effective Is Central Bank Forward Guidance? 0 0 1 96 1 2 10 306
How Effective Is Central Bank Forward Guidance? 0 1 4 92 0 1 13 43
How did we get to inflation targeting and where do we go now? a perspective from the U.S. experience 1 1 2 49 1 1 6 146
How effective is central bank forward guidance? 1 4 11 107 1 5 18 276
Identifying the liquidity effect: the case of nonborrowed reserves 0 0 1 75 0 0 1 486
Lag length selection and Granger causality 0 0 3 310 0 2 12 657
Lag-length selection criteria: empirical results from the St. Louis equation 0 0 0 60 0 0 4 148
Lifting the veil of secrecy from monetary policy: evidence from the Fed's early discount rate policy 1 1 1 45 1 1 2 332
Monetary policy transparency: transparent about what? 1 2 2 241 1 2 3 581
Monetary policy: why money matters and interest rates don't 1 1 2 175 1 1 5 308
Monetary policy: why money matters, and interest rates don’t 0 0 2 82 2 2 8 108
On the treatment of the weighted initial observation in the AR(1) regression model 0 0 0 2 0 0 2 36
Open market operations and the federal funds rate 0 0 0 153 0 0 6 911
Predicting bond excess returns with forward rates: an asset-allocation perspective 0 0 2 46 0 0 2 123
Predictions of short-term rates and the expectations hypothesis 0 1 4 122 0 2 8 270
Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates 0 0 1 157 1 1 6 736
Price expectations and the demand for money: a comment 0 0 0 28 0 1 4 78
Resolving the unbiasedness and forward premium puzzles 0 1 2 58 0 1 6 114
Resolving the unbiasedness puzzle in the foreign exchange market 0 0 0 29 0 0 1 83
Revisiting the predictability of bond risk premia 0 0 2 67 0 1 6 149
Should consumer expenditures be the scale variable in empirical money demand equations? 0 0 0 21 0 0 0 160
Testing the expectations hypothesis: some new evidence for Japan 0 0 0 57 0 0 4 215
Tests of price sluggishness in the U.K 0 0 0 2 0 0 1 26
Tests of the expectations hypothesis: resolving the Campbell-Shiller paradox 0 0 2 438 0 2 16 1,864
Tests of the expectations hypothesis: resolving the anomalies when the short-term rate is the federal funds rate 0 0 0 124 1 1 2 510
The Andersen-Jordan equation, revisited 0 0 0 22 0 0 1 116
The Dynamic Relationship Between the Federal Funds rate and the Treasury Bill Rate: An Empirical Investigation 0 1 5 555 0 4 25 3,113
The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields 0 0 1 34 0 2 6 123
The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields 0 0 0 122 1 3 12 393
The Expectation Hypothesis of the Term Structure of Very Short-Term Rates: Statistical Tests and Economic Value 1 1 2 104 2 4 12 419
The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect 2 2 4 328 5 6 10 2,154
The Federal Reserve’s response to the financial crisis: what it did and what it should have done 1 2 7 148 1 2 18 168
The Phillips Curve and US Monetary Policy: What the FOMC Transcripts Tell Us 0 1 2 10 0 2 9 58
The Phillips curve and US monetary policy: what the FOMC transcripts tell us 0 0 2 78 0 2 11 216
The appropriate autocorrelation transformation when the autocorrelation process has a finite past 0 0 1 29 0 0 1 185
The appropriate interest rate and scale variable in money demand: results from non-nested tests 0 0 0 25 0 0 0 527
The budget constraint, endogenous money and the relative importance of fiscal policy under alternative financing schemes 0 0 0 13 0 0 2 78
The daily and policy-relevant liquidity effects 1 1 2 24 1 1 2 89
The daily liquidity effect 1 1 3 79 1 1 4 429
The dynamic relationship between the federal funds rate and the Treasury bill rate: an empirical investigation 1 1 2 519 1 3 13 2,080
The effect of underreporting on LIBOR rates 0 0 2 30 2 3 15 109
The effectiveness of unconventional monetary policy: the term auction facility 0 1 3 52 0 2 10 130
The efficient market hypothesis and identification in structural VARs 0 0 1 251 0 1 7 864
The empirical failure of the expectations hypothesis of the term structure of bond yields 0 1 2 378 0 1 5 781
The expectation hypothesis of the term structure of very short-term rates: statistical tests and economic value 0 0 2 218 0 1 26 730
The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks 0 0 2 54 0 0 33 191
The information content of discount rate announcements: what's behind the announcement effect? 0 0 1 83 0 2 5 748
The market's reaction to discount changes: what's behind the announcement effect? 0 0 0 39 0 0 1 378
The real-balance effect with resource-using money: a capital-theoretic interpretation 0 0 0 1 0 0 1 45
The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations? 1 2 3 265 2 4 11 1,728
The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations? 0 0 2 83 1 2 31 938
The unusual behavior of the federal funds and 10-year Treasury rates: a conundrum or Goodhart’s Law? 1 1 2 106 1 1 5 414
Unanticipated money and the anticipated liquidity effect: some further evidence 0 0 0 15 0 0 1 108
Weighted monetary aggregates as intermediate targets 0 0 0 11 0 0 1 44
What do Almon's endpoint constraints constrain? 0 0 0 12 0 0 2 95
What's Unique About the Federal Funds Rate? Evidence from a Spectral Perspective 0 0 0 0 0 0 7 15
What's unique about the federal funds rate? evidence from a spectral perspective 0 0 0 114 0 1 7 562
When did the FOMC begin targeting the federal funds rate? what the verbatim transcripts tell us 1 1 3 104 1 2 14 592
Why do T-bill rates react to discount rate changes? 0 1 2 66 0 1 4 883
Why do market interest rates respond to money announcements? 0 0 2 34 0 0 6 219
Total Working Papers 19 40 147 8,921 37 110 667 44,123
2 registered items for which data could not be found


Journal Article File Downloads Abstract Views
Last month 3 months 12 months Total Last month 3 months 12 months Total
"Measured pace" in the conduct of monetary policy 1 1 1 23 1 1 2 74
A history of the asymmetric policy directive 0 0 0 82 0 0 2 304
A note on the efficiency of the cochrane-orcutt estimator of the ar(1) regression model 0 1 3 30 0 2 7 80
A note on the expectations hypothesis at the founding of the Fed 0 0 0 19 0 0 2 94
A perspective on possible Fed exit strategies 0 0 0 18 0 1 2 33
A perspective on the current recession: it's not the "worst case" yet 0 0 1 23 0 0 1 79
A primer on cointegration with an application to money and income 3 7 19 964 5 13 37 1,913
A primer on the mortgage market and mortgage finance 0 1 7 196 1 6 20 548
A proposal for improving forward guidance 0 1 2 23 0 2 4 53
Alternative measures of the monetary base: what are the differences and are they important? 0 0 1 21 0 0 3 192
Alternative policy weapons? 0 0 0 2 0 0 0 33
An early look at the volatility of money and interest rates under CRR 0 0 0 8 0 0 0 47
An experiment is underway 0 0 0 2 0 0 1 30
An extended series of divisia monetary aggregates 0 0 0 38 0 1 2 187
Are Virtual “Currencies” Likely to Succeed? 0 0 1 11 0 1 4 33
Are weighted monetary aggregates better than simple-sum M1? 0 1 3 25 0 1 9 85
Can the FOMC increase the funds rate without reducing reserves? 0 0 1 4 0 0 1 20
Channels of monetary policy. Proceedings of the Nineteenth Annual Economic Policy Conference held October 20-21, 1994 0 0 0 0 0 0 1 151
Channels of monetary policy. Proceedings of the Nineteenth Annual Economic Policy Conference held October 20-21, 1994 0 0 0 1 0 0 1 40
Channels of monetary policy: conference introduction 0 0 0 13 0 0 0 50
Channels of monetary policy: conference introduction 0 0 0 0 0 0 0 5
Comments on "Modeling money demand in large industrial countries: Buffer stock and error correction approaches" 0 0 0 5 0 0 0 34
Core versus headline inflation again 0 0 0 15 0 0 0 30
Core versus headline inflation: an opportunity for greater transparency 0 0 0 4 0 0 2 19
Discount rate changes and the foreign exchange market 0 1 1 20 0 1 14 201
Do government deficits matter? 0 0 0 57 0 1 2 270
Does a mild recession imply a weak recovery? 0 0 0 13 0 0 0 51
Does the Fed's new policy of immediate disclosure affect the market? 0 0 1 120 0 0 2 459
Does the economy need more spending now? 0 0 0 3 0 0 1 20
Federal Funds Rate Prediction 0 0 0 0 0 0 13 792
Financial innovation, deregulation and the "credit view" of monetary policy 0 0 0 200 1 1 3 525
Forecasting the Treasury's balance at the Fed 0 0 0 17 0 0 2 174
Greenspan's unconventional view of the long-run inflation/output trade-off 0 0 0 20 0 0 3 83
Guest editor's introduction: What monetary policy can and cannot do 1 2 5 5 2 5 12 18
Has QE been effective? 2 2 6 22 2 4 16 63
Housing and the "R" word 0 0 0 15 0 0 0 41
How Effective Is Central Bank Forward Guidance? 1 1 11 24 2 7 36 65
How did we get to inflation targeting and where do we need to go to now? a perspective from the U.S. experience 0 0 0 17 0 1 4 61
How effective is monetary policy? 0 0 1 35 0 0 2 99
How good are the government’s deficit and debt projections and should we care? 0 0 0 24 1 2 5 70
How robust are the policy conclusions of the St. Louis equation?: some further evidence 0 0 1 24 0 0 1 94
Identifying the liquidity effect at the daily frequency 0 1 1 87 0 2 3 265
Inflation objective and policy credibility: a potential problem for the FOMC 0 0 0 2 0 0 1 16
Interest rate targets abandoned 0 0 0 6 0 0 1 35
Is nominal GDP targeting a rule policymakers could accept? 0 0 1 6 0 0 3 20
Is the FOMC’s policy inflating asset prices? 0 0 0 4 0 0 0 19
Is the FOMC’s unemployment rate threshold a good idea? 0 0 1 5 0 0 1 10
Is there a case for "moderate" inflation? 0 0 0 11 1 1 1 220
Is there less agreement about inflation? 0 0 1 26 0 0 1 70
Lag-Length Selection and Tests of Granger Causality between Money and Income 0 1 6 521 3 7 26 1,329
Lagged and contemporaneous reserve accounting: an alternative view 0 0 0 9 0 0 1 83
Lifting the Veil of Secrecy from Monetary Policy: Evidence from the Fed's Early Discount Rate Policy 0 0 0 0 0 0 3 258
M1 or M2: which is the better monetary target? 1 1 1 24 1 1 1 133
Making monetary policy more transparent 0 0 0 14 0 0 1 50
Making sense of dissents: a history of FOMC dissents 0 2 6 10 0 3 12 31
Market anticipations of monetary policy actions 0 0 1 112 1 2 10 303
Maximum Likelihood Estimates of a Partial Adjustment-Adaptive Expectations Model of the Demand for Money 0 0 0 59 0 0 2 189
Measure for measure: headline versus core inflation 0 0 1 21 0 0 2 69
Monetary anticipations and the demand for money: Reply to MacKinnon and Milbourne 0 0 1 18 0 0 2 95
Monetary policy and longer-term rates: an opportunity for greater transparency 0 0 0 6 0 0 2 22
Monetary policy at the zero bound 0 0 0 12 1 1 2 36
Monetary policy transparency: transparent about what? 0 0 0 40 1 1 1 163
Monetary policy: Why money matters (and interest rates don’t) 0 2 8 41 1 8 24 116
Monetizing the debt 0 0 1 108 0 1 6 583
Monetizing the debt 0 0 5 75 1 2 14 199
Money demand dynamics: some new evidence 0 0 0 34 0 1 3 101
Money in a theory of exchange 0 1 1 114 0 2 6 381
Money, net wealth, and the real-balance effect 0 0 0 5 0 0 2 59
Negating the inflation potential of the Fed's lending programs 0 0 0 10 0 0 0 41
Nominal interest rates: less than zero? 0 0 2 107 0 0 8 591
On the informational content of spot and forward exchange rates 0 0 0 17 0 0 2 56
Open market operations and the federal funds rate 0 0 1 90 0 1 8 374
Out-of-Sample Predictions of Bond Excess Returns and Forward Rates: An Asset Allocation Perspective 0 0 5 20 0 1 12 57
Personal saving and economic growth 1 2 6 43 2 3 11 92
Polynomial distributed lags and the estimation of the St. Louis equation 0 0 0 39 0 0 3 127
Predictability and effectiveness of monetary policy 0 0 0 28 0 0 2 69
Price Expectations and the Demand for Money: A Comment 0 0 0 21 0 1 3 103
Public officials and job creation 0 1 1 7 0 1 2 46
QE: is there a portfolio balance effect? 1 3 10 20 1 9 36 86
Quantitative easing and money growth: potential for higher inflation? 0 0 0 43 0 0 1 88
Simple analytics of the money supply process and monetary control 0 0 0 49 0 1 1 191
Social security, saving, and wealth accumulation 0 0 1 14 0 0 1 48
Solving the 1980s' velocity puzzle: a progress report 0 0 0 48 0 0 3 270
Subprime side effects in the federal funds market 0 0 0 36 0 1 1 93
Targeting M2: the issue of monetary control 0 0 0 14 0 0 0 121
Tax rates and revenue since the 1970s 0 0 0 5 0 0 0 21
Testing the Expectations Hypothesis: Some New Evidence for Japan 0 0 0 13 1 3 6 104
Testing the expectations hypothesis: some new evidence for Japan 0 0 0 52 0 2 3 212
Tests of covered interest rate parity 1 2 8 380 1 6 27 1,749
Tests of the Expectations Hypothesis: Resolving the Campbell-Shiller Paradox 0 0 1 45 0 1 5 184
Tests of the expectations hypothesis: Resolving the anomalies when the short-term rate is the federal funds rate 0 1 1 35 1 2 3 143
Tests of the market's reaction to federal funds rate target changes 0 0 2 275 2 9 24 1,057
The Andersen-Jordan equation revisited 0 0 0 17 1 1 3 94
The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields 0 0 3 63 2 8 29 205
The FOMC in 1981: monetary control in a changing financial environment 0 0 0 4 0 3 3 39
The FOMC in 1982: de-emphasizing M1 0 0 0 4 0 4 4 40
The FOMC's balance-of-risks statement and market expectations of policy actions 0 0 1 67 0 0 5 583
The FOMC’s interest rate policy: how long is the long run? 0 0 0 5 0 0 2 15
The FOMC’s “considerable period” 0 0 0 21 2 2 4 120
The Fed and short-term rates: Is it open market operations, open mouth operations or interest rate smoothing? 0 0 1 94 0 1 6 270
The Fed's inflation objective 1 1 1 30 1 1 1 75
The Fed, liquidity, and credit allocation 0 0 0 74 0 0 2 249
The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect 0 0 0 171 2 3 9 695
The Information Content of the Federal Funds Rate: Is It Unique? 0 0 1 45 0 0 4 429
The Phillips curve and US monetary policy: what the FOMC transcripts tell us 0 0 2 31 1 3 26 180
The U.S. deficit/debt problem: a longer-run perspective 0 0 0 19 0 4 5 49
The borrowed-reserves operating procedures: theory and evidence 0 0 1 66 0 0 4 391
The case for "inflation first" monetary policy 0 0 0 2 0 0 0 23
The codification of an FOMC procedure 0 0 0 8 0 0 2 56
The cost of checkable deposits in the United States 0 0 0 33 0 1 5 539
The costs and benefits of price stability: an assessment of Howitt's rule 0 0 1 46 2 3 10 217
The discount rate and market interest rates: theory and evidence 0 0 0 68 0 0 1 875
The discount rate and market interest rates: what's the connection? 0 0 2 45 0 1 4 146
The discount rate, interest rates and foreign exchange rates: an analysis with daily data 0 0 2 38 0 0 4 250
The downside of quantitative easing 1 1 3 71 1 1 5 142
The dual mandate: has the Fed changed its objective? 0 1 2 7 0 1 5 37
The dynamic relationship between the federal funds rate and the Treasury bill rate: An empirical investigation 0 0 0 261 0 2 9 1,045
The effect of monetary policy on short-term interest rates 0 0 1 92 0 0 4 409
The effect of the Fed’s purchase of long-term treasuries on the yield curve 0 0 0 27 0 0 4 85
The effect of unanticipated money on the money and foreign exchange markets 0 0 0 16 0 0 1 64
The effect of underreporting on LIBOR rates 0 0 5 32 2 3 14 105
The effectiveness of unconventional monetary policy: the term auction facility 0 0 0 25 0 1 4 112
The efficacy of monetary policy: a tale from two decades 0 0 1 10 0 0 1 23
The efficacy of the FOMC’s zero interest rate policy 0 0 0 9 0 0 0 27
The efficient market hypothesis and identification in structural VARs 0 0 2 162 0 1 8 871
The empirical significance of the real balance effect 0 0 0 10 0 0 2 34
The exceptional 1990s 0 0 1 7 0 0 1 46
The expectation hypothesis of the term structure of very short-term rates: Statistical tests and economic value 0 1 1 177 1 3 6 623
The expected federal budget surplus: how much confidence should the public and policymakers place in the projections? 0 0 0 61 0 1 2 427
The federal debt: too little revenue or too much spending 0 0 0 21 0 0 1 56
The federal debt: what’s the source of the increase in spending? 0 0 0 15 0 0 1 42
The federal funds and long-term rates 0 0 0 24 0 0 0 69
The funds rate target and interest rates 0 0 1 5 0 1 5 46
The golden dollar: the early evidence 0 0 0 3 0 0 2 45
The government budget constraint with endogenous money 0 0 2 17 1 1 6 47
The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks 0 0 3 20 0 1 6 59
The importance of an asymmetric directive 0 0 1 30 0 0 5 124
The link between M1 and the monetary base in the 198O's 0 0 0 49 0 0 2 422
The lower and upper bounds of the Federal Open Market Committee's long-run inflation objective 0 0 0 17 0 0 6 155
The macroeconomic effects of deficit spending: a review 0 1 3 183 0 3 17 1,181
The monetary policy transmission mechanism? 1 1 1 56 1 1 2 110
The monetary-fiscal policy debate and the Andersen-Jordan equation 0 0 1 58 1 1 7 685
The monetary/fiscal policy debate: a controlled experiment 0 1 2 60 0 1 5 272
The multiplier approach to the money supply process: a precautionary note 0 1 4 373 2 4 26 2,221
The relationship between the daily and policy-relevant liquidity effects 0 0 0 9 0 0 3 64
Using federal funds futures rates to predict Federal Reserve actions 0 0 3 386 0 1 10 2,059
Verbal guidance and the efficacy of forward guidance 0 0 0 16 0 0 1 40
Walter Bagehot, the discount window, and TAF 0 0 0 21 0 2 2 53
What accounts for the reduced frequency of Fed actions? 0 0 0 6 0 0 4 94
What caused long-term rates to rise? 0 0 0 7 0 0 0 32
What does the change in the FOMC's statement of objectives mean? 0 1 1 5 0 1 1 27
What the Libor-OIS spread says 3 3 7 359 6 12 19 796
What's Unique About the Federal Funds Rate? Evidence from a Spectral Perspective 0 0 0 29 0 1 8 161
Which comes first: inflation or the FOMC's funds rate target? 0 0 0 4 0 0 0 22
Why Do T-Bill Rates React to Discount Rate Changes? 0 0 0 77 0 0 4 1,134
Why does velocity matter? 0 0 0 29 0 1 11 129
Why is employment growth so low? 0 1 7 58 0 2 9 107
Why is output growth so slow? 0 0 0 4 0 0 1 16
Withering dissents 0 0 0 1 0 0 0 31
Would QE2 have a significant effect on economic growth, employment, or inflation? 0 0 1 81 0 1 3 168
Would quantitative easing sooner have tempered the financial crisis and economic recession? 0 0 0 95 0 0 2 185
Total Journal Articles 18 48 206 8,960 59 205 878 38,240


Statistics updated 2017-08-03