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.S. monetary policy in 1978 showed an increased sensitivity to international considerations, as indicated by statements accompanying last year’s discount rate changes (see Exhibit I). Conditions in foreign exchange markets were cited among the reasons for five of the seven discount rate increases in 1978. In contrast, international considerations were not mentioned among the reasons for any of the four discount rate changes in the previous two years.’ Some economists believe that discount rate increases affect financial asset markets through “announcement effects” which, by causing market participants to expect future interest rates to be higher than previously anticipated, exert immediate downward pressure on financial asset prices. 2 Several studies have found support for the existence of such announcement effects on the U.S. and Canadian economies, while another has discovered no evidence of a significant relationship between discount rate changes and fluctuations in financial asset prices in

Did Discount Rate Changes Affect the Foreign Exchange Value of the Dollar During 1978?