Download or read book Money Surprises and Short-term Interest Rates written by John H. Makin and published by . This book was released on 1982 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note attempts to reconcile contradictory findings regarding the impact of money surprises on short term interest rates. Expectations effects regarding anticipated monetary policy and anticipated inflation suggest a positive relationship. Liquidity and output effects of monetary surprises suggest a negative relationship. It is shown that intra-day data and end-of-period data will capture expectations effects while period average data will capture liquidity/output effects. Seemingly contradictory results are reconciled by differences in dependent variables employed by various authors