The liquidity effect of money on short term interest rates: The New Zealand experience

References

• Beaumont , C. and Reddell , M. 1990 . “How Monetary Policy Influences Inflation” . Reserve Bank Bulletin , 53 ( 4 ) : 358 – 378 .
   Google Scholar
• Boschen , J. and Grossman , H.J. 1982 . “Tests of Equilibrium Macroeconomics Using Contemporaneous Monetary Data” . Journal of Monetary Economics , 10 : 309 – 334 .
   Web of Science ®Google Scholar
• Brooks , R. and Gibbs , D.T. 1991 . “The Reserve Bank Econometric Model of the New Zealand Economy: Model XII” , Reserve Bank of New Zealand Research Paper, No. 42
   Google Scholar
• Brown , W.W. and Santoni , G.J. 1983 . “Monetary Growth and Timing of Interest Rate Movements” . Federal Reserve Bank of St Louis Review , : 16 – 25 .
   Google Scholar
• Cagan , P. and Gandolfi , A. 1969 . “The Lag in Monetary Policy as Implied by the Time Pattern of Monetary Effects on Interest Rates” . American Economic Review, Papers and Proceedings , 59 : 277 – 84 .
   Web of Science ®Google Scholar
• Coleman , A.M.G. and Cruse , P.F.J. 1989 . “An Investigation of Monetary Targets in a New Zealand Context, 1981–1986” , Reserve Bank of New Zealand Discussion Paper, No. G89/6
   Google Scholar
• Cornell , B. 1983 . “The Money Supply Announcements Puzzle: Review and Interpretation” . American Economic Review , 73 : 644 – 657 .
   Web of Science ®Google Scholar
• Demery , D. and Duck , N.W. 1984 . “Inventories and Monetary Growth in the Business Cycle: Some Theoretical Considerations and Empirical Results for the U.K” . The Manchester School , 4 : 363 – 369 .
   Google Scholar
• Friedman , M. 1970 . “The Lag in Effect of Monetary Policy” . In The Optimum Quantity of Money and Other Essays , Edited by: Friedman , M. Aldine Publishing Co. .
   Google Scholar
• Greville , R.P. 1989 . “Money and Credit Demand in New. Zealand: 1973–1986” , Reserve Bank of New Zealand Discussion Paper, No. G89/7
   Google Scholar
• Hall , B.H. 1986 . Time Series Processor, Reference Manual , Palo Alto, California : TSP International .
   Google Scholar
• Hardouvelis , G.A. 1987 . “Monetary Policy and Short Term Interest Rates: New Evidence on the Liquidity Effect” . Economics Letters , 25 : 63 – 66 .
   Google Scholar
• Harrison , R. and Leau , L. 1990 . “New Zealand Interest Rates Structure: A Cointegration Analysis” . New Zealand : Department of Economics, University of Canterbury . Manuscript
   Google Scholar
• Karacaoglu , G. and Lloyd , K.A. 1987 . “Some Further Evidence on the Term Structure of Interest Rates in New Zealand” , Reserve Bank of New Zealand Discussion Paper, No. G87/3
   Google Scholar
• Kennedy , P. 1985 . A Guide to Econometrics , Oxford : Basil Blackwell .
   Google Scholar
• McDermott , C.J. and Wong , A. 1990 . “Exogeneity in the New Zealand Money‐Income Relationship” . New Zealand Economic Papers , 24 : 24 – 41 .
   Google Scholar
• McNelis , P. , Grimes , A. and Wong , A. 1989 . “Financial Liberalization Down Under: Interest Rate Determination in New Zealand, 1985–1988” . Reserve Bank of New Zealand . Manuscript
   Google Scholar
• Melvin , M. 1983 . “The Vanishing Liquidity Effect of Money on Interest Rates” . Economic Inquiry , 21 : 188 – 202 .
   Web of Science ®Google Scholar
• Mehra , Y. 1985 . “Inflationary Expectations, Money Growth and the Vanishing Liquidity Effect of Money on Interest: A Further Investigation” . Federal Reserve Bank of Richmond Economic Review , : 23 – 35 .
   Google Scholar
• Mishkin , F.S. 1982 . “Monetary Policy and Short Term Interest Rates: An Efficient Markets Rational Expectations Approach” . Journal of Finance , 37 : 63 – 72 .
   Web of Science ®Google Scholar
• Pagan , A. 1984 . “Econometric Issues in the Analysis of Regressions with Generated Regressors” . International Economic Review , 25 February : 221 – 247 .
   Web of Science ®Google Scholar
• Reserve Bank of New Zealand, Data Memorandum D84/1 and D89/14
   Google Scholar
• Siddiqui , A. 1989a . Interest Rates and the Vanishing Liquidity Effect of Money in Canada , Department of Economics Working Paper No 58 New Zealand : University of Auckland .
   Google Scholar
• Siddiqui , A. 1989b . “The Causal Relation Between Money and Inflation in a Developing Economy” . International Economic Journal , 3 : 79 – 96 .
   Google Scholar
• Siddiqui , A. 1988 . “ The Persistence Effects of Monetary Shocks Via Inventory Adjustment: The Canadian Evidence ” . Canada : Simon Fraser University, B.C. . Ph.D. Thesis
   Google Scholar
• Spencer , G. and Carey , D. 1988 . “Financial Policy Reform ‐ The New Zealand Experience, 1984–1987” , Reserve Bank of New Zealand Discussion Paper, No. G88/I
   Google Scholar
• Thornton , D.L. 1988 . “The Effect of Monetary Policy on Short‐Term Interest Rates” . Federal Reserve Bank of St Louis Review , : 53 – 72 .
   Google Scholar
• Urich , T.J. and Paul , W. 1981 . “Market Response to the Weekly Money Supply Announcements in the 1970s” . Journal of Finance , 36 : 1063 – 1072 .
   Web of Science ®Google Scholar
• Wong , A. , Grimes , A. and Meads , C. 1989 . “Modelling the Financial Asset Holdings of the Non‐Bank Private Sector in New Zealand” , Reserve Bank of New Zealand Discussion Paper, No. G89/8
   Google Scholar
• Department of Economics, University of Auckland.
   Google Scholar