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on Friday afternoons can be predicted with great accuracy: they anxiously will he awaitimmg the 4:15p.m. EST ammnouucement of the new weekly money stock data. Despite the fact that the weekly data are contaminated by a great deal of “noise,” a fact that greatly reduces the data’s usefulness imm revealing any policy trend, market participants still wager large sums and reputations on correctly anticipating the eltisive weekly money figure.’

Weekly Money Supply Forecasts: Effects of the October 1979 Change in Monetary Control Procedures