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 0 1 185 0 1 3 494
A dynamic factor analysis of the response of U. S. interest rates to news 0 0 0 137 0 0 5 423
A new federal funds rate target series: September 27, 1982, - December 31, 1993 0 0 0 52 0 0 1 256
A note on the expectations hypothesis at the founding of the Fed 0 0 0 82 0 0 3 300
A note on the relative efficiency of the Cochrane-Orcutt and OLS estimators when the autocorrelation process has a finite past 0 0 0 15 1 2 4 90
An Evaluation of Event-Study Evidence on the Effectiveness of the FOMC’s LSAP Program: Are the Announcement Effects Identified? 0 2 11 24 2 19 46 54
Asymmetry in the prime rate and firms' preference for internal finance 1 1 1 79 1 2 8 730
Complete results for lag length selection 0 0 0 45 0 0 3 112
Discount rate changes and the foreign exchange market 0 1 2 28 0 1 6 170
Discount rate policies of five Federal Reserve Chairmen 0 0 2 171 0 0 3 1,593
Do bank loan rates exhibit a countercyclical mark-up? 0 0 2 106 0 2 12 414
Endpoint constraints and the St. Louis equation: a clarification 0 0 0 28 0 0 0 77
Evidence on the portfolio balance channel of quantitative easing 4 5 20 73 13 40 94 214
Federal Funds Rate Prediction 0 0 0 196 0 0 4 1,846
Federal Funds Rate Prediction 0 0 2 479 0 7 23 6,362
Federal Funds Rate Prediction 0 0 0 13 0 1 10 70
Federal funds rate prediction 0 1 3 315 0 2 13 1,468
Forecasting the Treasury's balance at the Fed 0 0 1 73 0 0 6 310
Greenspan’s conundrum and the Fed’s ability to affect long-term yields 1 5 9 42 7 36 79 138
How did we get to inflation targeting and where do we go now? a perspective from the U.S. experience 0 0 0 45 0 11 23 134
How effective is central bank forward guidance? 2 8 31 86 4 20 103 206
Identifying the liquidity effect: the case of nonborrowed reserves 0 0 1 73 0 4 12 481
Lag length selection and Granger causality 0 1 5 305 0 2 17 640
Lag-length selection criteria: empirical results from the St. Louis equation 0 0 0 58 0 0 0 138
Lifting the veil of secrecy from monetary policy: evidence from the Fed's early discount rate policy 0 0 1 44 0 0 4 324
Monetary policy transparency: transparent about what? 1 2 2 238 2 3 16 572
Monetary policy: why money matters and interest rates don't 0 0 5 172 2 14 40 293
Monetary policy: why money matters, and interest rates don’t 0 2 9 80 1 15 44 85
On the treatment of the weighted initial observation in the AR(1) regression model 0 0 0 2 0 0 0 32
Open market operations and the federal funds rate 1 1 5 152 1 3 21 899
Predicting bond excess returns with forward rates: an asset-allocation perspective 0 0 0 39 0 3 9 108
Predictions of short-term rates and the expectations hypothesis 0 3 4 114 1 16 42 241
Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates 0 0 1 154 0 0 6 714
Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates 0 0 3 128 1 7 26 310
Price expectations and the demand for money: a comment 0 0 1 27 0 0 2 67
Resolving the unbiasedness and forward premium puzzles 0 0 0 55 0 0 2 103
Resolving the unbiasedness puzzle in the foreign exchange market 0 0 5 27 0 0 11 75
Revisiting the predictability of bond risk premia 0 0 2 64 0 11 29 135
Should consumer expenditures be the scale variable in empirical money demand equations? 0 0 0 21 0 1 2 157
Testing the expectations hypothesis: some new evidence for Japan 0 0 1 57 0 1 8 208
Tests of price sluggishness in the U.K 0 0 0 2 0 1 1 24
Tests of the expectations hypothesis: resolving the Campbell-Shiller paradox 0 0 5 431 4 8 49 1,831
Tests of the expectations hypothesis: resolving the anomalies when the short-term rate is the federal funds rate 0 0 0 121 0 0 4 496
The Andersen-Jordan equation, revisited 0 1 2 22 0 1 4 114
The Dynamic Relationship Between the Federal Funds rate and the Treasury Bill Rate: An Empirical Investigation 4 5 33 521 9 19 190 2,963
The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields 0 2 5 119 1 4 21 362
The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields 0 1 3 30 4 8 17 102
The Expectation Hypothesis of the Term Structure of Very Short-Term Rates: Statistical Tests and Economic Value 1 2 2 101 2 5 13 385
The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect 0 0 7 322 0 0 11 2,130
The Federal Reserve’s response to the financial crisis: what it did and what it should have done 1 1 9 133 3 7 38 116
The Phillips Curve and US Monetary Policy: What the FOMC Transcripts Tell Us 0 1 4 6 1 2 9 34
The Phillips curve and US monetary policy: what the FOMC transcripts tell us 0 3 6 69 1 6 30 188
The appropriate autocorrelation transformation when the autocorrelation process has a finite past 0 0 0 28 0 0 0 181
The appropriate interest rate and scale variable in money demand: results from non-nested tests 0 0 0 25 0 0 0 525
The budget constraint, endogenous money and the relative importance of fiscal policy under alternative financing schemes 0 0 0 13 0 0 0 74
The daily and policy-relevant liquidity effects 0 0 1 22 0 11 22 85
The daily and policy-relevant liquidity effects 0 0 1 23 0 0 5 74
The daily liquidity effect 0 1 4 76 0 1 13 420
The dynamic relationship between the federal funds rate and the Treasury bill rate: an empirical investigation 1 1 4 511 2 2 50 2,033
The effect of underreporting on LIBOR rates 1 1 8 24 1 4 32 70
The effectiveness of unconventional monetary policy: the term auction facility 1 2 3 40 1 4 22 95
The efficient market hypothesis and identification in structural VARs 0 1 2 249 0 1 4 850
The empirical failure of the expectations hypothesis of the term structure of bond yields 0 2 6 368 0 4 19 756
The expectation hypothesis of the term structure of very short-term rates: statistical tests and economic value 1 1 4 211 2 5 19 645
The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks 0 0 3 48 0 3 13 105
The information content of discount rate announcements: what's behind the announcement effect? 0 0 0 82 0 1 7 738
The market's reaction to discount changes: what's behind the announcement effect? 0 0 0 39 1 2 8 375
The real-balance effect with resource-using money: a capital-theoretic interpretation 0 0 0 1 0 0 0 42
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 3 260 2 6 13 1,708
The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations? 0 1 5 78 3 12 70 836
The unusual behavior of the federal funds and 10-year Treasury rates: a conundrum or Goodhart’s Law? 0 1 4 100 0 1 10 400
Unanticipated money and the anticipated liquidity effect: some further evidence 0 0 1 14 0 0 2 104
Weighted monetary aggregates as intermediate targets 0 0 1 11 0 0 1 39
What do Almon's endpoint constraints constrain? 0 0 0 11 0 0 0 83
What's Unique About the Federal Funds Rate? Evidence from a Spectral Perspective 0 0 0 0 0 1 2 3
What's unique about the federal funds rate? evidence from a spectral perspective 0 0 2 114 0 0 8 545
When did the FOMC begin targeting the federal funds rate? what the verbatim transcripts tell us 0 2 5 97 0 4 21 558
Why do T-bill rates react to discount rate changes? 0 0 1 62 0 1 6 871
Why do market interest rates respond to money announcements? 0 1 2 31 0 2 4 209
Total Working Papers 20 62 266 8,499 73 350 1,478 42,212


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 0 0 0 22 0 0 2 69
A history of the asymmetric policy directive 0 1 2 78 0 1 2 293
A note on the efficiency of the cochrane-orcutt estimator of the ar(1) regression model 0 0 1 24 0 1 3 67
A note on the expectations hypothesis at the founding of the Fed 0 0 0 18 0 0 8 82
A perspective on possible Fed exit strategies 1 4 9 14 1 4 11 17
A perspective on the current recession: it's not the "worst case" yet 1 1 2 22 1 3 16 76
A primer on cointegration with an application to money and income 1 2 15 936 6 20 51 1,846
A primer on the mortgage market and mortgage finance 0 1 5 186 2 4 15 511
A proposal for improving forward guidance 0 0 8 17 0 0 11 36
Alternative measures of the monetary base: what are the differences and are they important? 0 0 1 20 0 0 1 187
Alternative policy weapons? 0 0 0 2 0 0 0 30
An early look at the volatility of money and interest rates under CRR 0 0 0 8 0 0 0 45
An experiment is underway 0 0 0 2 0 0 1 26
An extended series of divisia monetary aggregates 0 0 0 38 0 1 1 181
Are Virtual “Currencies” Likely to Succeed? 0 2 9 9 1 6 20 20
Are weighted monetary aggregates better than simple-sum M1? 0 0 0 21 0 1 1 73
Can the FOMC increase the funds rate without reducing reserves? 0 0 0 2 0 0 3 12
Channels of monetary policy. Proceedings of the Nineteenth Annual Economic Policy Conference held October 20-21, 1994 0 0 0 1 0 0 0 39
Channels of monetary policy: conference introduction 0 0 0 0 0 0 0 1
Comments on "Modeling money demand in large industrial countries: Buffer stock and error correction approaches" 0 0 0 5 0 0 0 32
Core versus headline inflation again 0 1 1 13 0 1 2 23
Core versus headline inflation: an opportunity for greater transparency 0 0 0 4 0 0 0 12
Discount rate changes and the foreign exchange market 0 0 0 19 0 11 16 152
Do government deficits matter? 0 0 0 57 0 0 0 266
Does a mild recession imply a weak recovery? 0 0 0 12 0 0 3 46
Does the Fed's new policy of immediate disclosure affect the market? 0 0 0 119 0 0 2 453
Does the economy need more spending now? 0 0 0 3 0 0 3 12
Federal Funds Rate Prediction 0 0 0 0 0 1 15 772
Financial innovation, deregulation and the "credit view" of monetary policy 0 0 1 197 0 0 2 513
Forecasting the Treasury's balance at the Fed 0 0 0 15 0 0 4 170
Greenspan's unconventional view of the long-run inflation/output trade-off 0 0 0 20 0 0 2 76
Has QE been effective? 1 3 7 7 2 5 18 19
Housing and the "R" word 0 0 0 14 0 0 0 38
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 1 16 1 2 8 49
How effective is monetary policy? 0 0 1 33 1 1 3 82
How good are the government’s deficit and debt projections and should we care? 3 4 5 22 3 6 9 56
How robust are the policy conclusions of the St. Louis equation?: some further evidence 0 1 2 23 0 2 5 81
Identifying the liquidity effect at the daily frequency 0 0 1 83 0 0 4 252
Inflation objective and policy credibility: a potential problem for the FOMC 0 0 1 2 0 0 3 11
Interest rate targets abandoned 0 0 0 6 0 0 0 31
Is nominal GDP targeting a rule policymakers could accept? 0 2 4 4 1 3 7 10
Is the FOMC’s policy inflating asset prices? 0 1 1 3 0 1 3 14
Is the FOMC’s unemployment rate threshold a good idea? 0 0 0 4 0 0 1 7
Is there a case for "moderate" inflation? 0 0 0 10 0 0 0 216
Is there less agreement about inflation? 0 0 0 24 0 0 5 63
Lag-Length Selection and Tests of Granger Causality between Money and Income 2 8 31 498 5 22 101 1,252
Lagged and contemporaneous reserve accounting: an alternative view 0 0 1 9 0 1 3 80
Lifting the Veil of Secrecy from Monetary Policy: Evidence from the Fed's Early Discount Rate Policy 0 0 0 0 1 2 9 251
M1 or M2: which is the better monetary target? 0 0 1 23 0 0 5 127
Making monetary policy more transparent 0 0 0 13 0 0 0 46
Making sense of dissents: a history of FOMC dissents 0 0 2 2 0 0 4 4
Market anticipations of monetary policy actions 0 1 2 110 0 2 13 285
Maximum Likelihood Estimates of a Partial Adjustment-Adaptive Expectations Model of the Demand for Money 0 0 1 58 1 1 4 182
Measure for measure: headline versus core inflation 0 0 0 17 0 0 4 60
Monetary anticipations and the demand for money: Reply to MacKinnon and Milbourne 0 0 0 16 0 0 3 82
Monetary policy and longer-term rates: an opportunity for greater transparency 0 0 0 6 0 1 2 17
Monetary policy at the zero bound 0 0 0 11 0 0 0 27
Monetary policy transparency: transparent about what? 0 0 2 39 0 0 7 153
Monetizing the debt 0 3 8 58 2 9 34 144
Monetizing the debt 0 0 1 103 0 0 5 566
Money demand dynamics: some new evidence 0 0 0 33 0 0 0 93
Money in a theory of exchange 0 0 1 112 1 1 4 367
Money, net wealth, and the real-balance effect 0 0 0 5 0 0 1 54
Negating the inflation potential of the Fed's lending programs 0 0 0 10 1 1 3 40
Nominal interest rates: less than zero? 1 1 1 102 1 1 13 575
On the informational content of spot and forward exchange rates 0 0 1 15 0 1 6 47
Open market operations and the federal funds rate 0 0 2 88 0 1 11 351
Out-of-Sample Predictions of Bond Excess Returns and Forward Rates: An Asset Allocation Perspective 1 2 7 11 3 6 19 31
Personal saving and economic growth 0 1 2 30 0 1 4 69
Polynomial distributed lags and the estimation of the St. Louis equation 0 0 1 38 0 2 6 113
Predictability and effectiveness of monetary policy 0 0 0 28 0 0 2 65
Price Expectations and the Demand for Money: A Comment 0 0 0 21 0 0 1 94
Public officials and job creation 0 0 0 4 0 0 1 33
QE: is there a portfolio balance effect? 2 3 5 5 4 7 19 19
Quantitative easing and money growth: potential for higher inflation? 2 3 10 40 3 4 15 79
Simple analytics of the money supply process and monetary control 0 0 3 46 0 0 4 181
Social security, saving, and wealth accumulation 0 0 0 10 0 0 3 42
Solving the 1980s' velocity puzzle: a progress report 0 0 2 44 0 0 4 254
Subprime side effects in the federal funds market 0 0 1 36 0 0 1 91
Targeting M2: the issue of monetary control 0 0 0 14 0 0 0 117
Tax rates and revenue since the 1970s 0 0 0 5 0 0 1 17
Testing the Expectations Hypothesis: Some New Evidence for Japan 0 0 0 13 0 0 2 90
Testing the expectations hypothesis: some new evidence for Japan 0 0 0 52 0 0 0 206
Tests of covered interest rate parity 0 0 5 356 0 2 21 1,671
Tests of the Expectations Hypothesis: Resolving the Campbell-Shiller Paradox 0 0 2 37 1 1 14 163
Tests of the expectations hypothesis: Resolving the anomalies when the short-term rate is the federal funds rate 0 0 0 30 0 0 6 123
Tests of the market's reaction to federal funds rate target changes 0 2 6 257 1 4 10 969
The Andersen-Jordan equation revisited 0 1 2 17 0 2 4 85
The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields 0 3 6 54 0 6 23 155
The FOMC in 1981: monetary control in a changing financial environment 0 0 0 4 0 0 0 32
The FOMC in 1982: de-emphasizing M1 0 0 0 3 0 0 0 32
The FOMC's balance-of-risks statement and market expectations of policy actions 0 0 1 64 0 2 8 551
The FOMC’s interest rate policy: how long is the long run? 0 0 0 5 0 0 1 10
The FOMC’s “considerable period” 0 0 0 21 0 0 8 109
The Fed and short-term rates: Is it open market operations, open mouth operations or interest rate smoothing? 0 0 2 89 0 0 7 251
The Fed's inflation objective 0 0 0 28 0 0 2 68
The Fed, liquidity, and credit allocation 0 0 0 73 1 3 26 236
The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect 0 0 3 166 0 1 17 662
The Information Content of the Federal Funds Rate: Is It Unique? 0 0 0 44 0 0 5 418
The Phillips curve and US monetary policy: what the FOMC transcripts tell us 0 1 5 27 1 6 30 135
The U.S. deficit/debt problem: a longer-run perspective 5 5 6 18 5 5 11 39
The borrowed-reserves operating procedures: theory and evidence 0 1 1 64 0 2 3 383
The case for "inflation first" monetary policy 0 0 0 1 0 0 2 17
The codification of an FOMC procedure 0 0 0 8 0 0 0 52
The cost of checkable deposits in the United States 0 0 0 33 0 0 2 533
The costs and benefits of price stability: an assessment of Howitt's rule 0 0 0 40 0 0 6 196
The discount rate and market interest rates: theory and evidence 0 0 0 68 0 0 1 872
The discount rate and market interest rates: what's the connection? 0 0 2 43 0 0 3 137
The discount rate, interest rates and foreign exchange rates: an analysis with daily data 0 0 0 35 1 3 10 238
The downside of quantitative easing 0 0 3 58 0 1 6 110
The dual mandate: has the Fed changed its objective? 0 0 1 4 0 0 7 26
The dynamic relationship between the federal funds rate and the Treasury bill rate: An empirical investigation 1 3 7 258 3 6 18 1,021
The effect of monetary policy on short-term interest rates 0 0 5 86 0 3 24 386
The effect of the Fed’s purchase of long-term treasuries on the yield curve 0 0 0 25 0 0 6 73
The effect of unanticipated money on the money and foreign exchange markets 0 0 2 16 0 0 3 52
The effect of underreporting on LIBOR rates 1 2 10 21 1 7 32 63
The effectiveness of unconventional monetary policy: the term auction facility 0 0 2 20 0 0 12 88
The efficacy of monetary policy: a tale from two decades 0 0 1 7 0 1 3 15
The efficacy of the FOMC’s zero interest rate policy 0 0 1 6 1 1 7 22
The efficient market hypothesis and identification in structural VARs 0 0 0 158 0 1 4 854
The empirical significance of the real balance effect 0 0 1 9 0 0 1 26
The exceptional 1990s 0 0 0 4 0 0 0 39
The expectation hypothesis of the term structure of very short-term rates: Statistical tests and economic value 0 1 7 171 3 13 46 595
The expected federal budget surplus: how much confidence should the public and policymakers place in the projections? 0 0 1 58 0 0 3 413
The federal debt: too little revenue or too much spending 2 2 5 20 2 3 7 46
The federal debt: what’s the source of the increase in spending? 0 0 2 14 0 0 8 33
The federal funds and long-term rates 0 0 2 23 0 0 3 62
The funds rate target and interest rates 0 0 0 4 0 0 8 38
The golden dollar: the early evidence 0 0 0 3 0 0 2 42
The government budget constraint with endogenous money 0 0 1 15 0 0 3 41
The importance of an asymmetric directive 0 0 0 29 0 2 2 113
The link between M1 and the monetary base in the 198O's 0 0 0 49 0 0 0 418
The lower and upper bounds of the Federal Open Market Committee's long-run inflation objective 0 0 0 17 0 5 12 119
The macroeconomic effects of deficit spending: a review 0 1 6 173 2 10 29 1,133
The monetary policy transmission mechanism? 0 0 2 50 0 1 8 98
The monetary-fiscal policy debate and the Andersen-Jordan equation 0 0 1 56 0 0 3 666
The monetary/fiscal policy debate: a controlled experiment 0 0 0 57 0 0 1 263
The multiplier approach to the money supply process: a precautionary note 1 3 12 360 2 11 58 2,124
The relationship between the daily and policy-relevant liquidity effects 0 0 1 8 0 0 2 56
Using federal funds futures rates to predict Federal Reserve actions 0 1 1 381 0 1 4 2,031
Verbal guidance and the efficacy of forward guidance 0 1 3 14 0 1 5 28
Walter Bagehot, the discount window, and TAF 0 0 1 21 0 0 3 45
What accounts for the reduced frequency of Fed actions? 0 0 0 6 0 0 2 89
What caused long-term rates to rise? 0 0 0 6 0 0 3 26
What does the change in the FOMC's statement of objectives mean? 0 0 0 4 0 0 0 23
What the Libor-OIS spread says 0 1 11 320 0 6 46 686
What's Unique About the Federal Funds Rate? Evidence from a Spectral Perspective 0 1 1 28 0 1 3 147
Which comes first: inflation or the FOMC's funds rate target? 0 0 0 4 0 0 2 16
Why Do T-Bill Rates React to Discount Rate Changes? 0 0 1 77 0 5 14 1,108
Why does velocity matter? 2 2 2 24 2 2 4 86
Why is employment growth so low? 1 2 12 38 4 6 20 72
Why is output growth so slow? 0 0 1 4 0 0 1 10
Withering dissents 0 0 1 1 0 0 3 31
Would QE2 have a significant effect on economic growth, employment, or inflation? 0 1 2 74 0 1 7 148
Would quantitative easing sooner have tempered the financial crisis and economic recession? 1 1 2 94 1 1 5 178
Total Journal Articles 29 80 314 8,320 72 263 1,235 35,267


Statistics updated 2015-03-02