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THE DISCOUNT RATE:A PHANTOM POLICY TOOL?

✍ Scribed by Myron H. Ross; Raymond E. Zelder


Book ID
115201877
Publisher
Oxford University Press
Year
1969
Tongue
English
Weight
493 KB
Volume
7
Category
Article
ISSN
0095-2583

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This paper estimates a policy rule that explains the sign and the magnitude of the Federal Reserve's (Fed's) discount rate changes. It sets out a two-sided Type II Tobit model and develops a procedure for its estimation, considering the discrete and censored nature of the changes. The results sugges