POST ACCORD INTEREST RATES: A REPLY.

The article presents a reply by the authors to comments made by economist John E. Pippenger on their spectral and cross spectral analysis of post-accord interest rates in the article "A Time Series Analysis of Post-Accord Interest Rates," originally published in the June 1972 issue of "The Journal of Finance." The authors state that the intention of their study was to provide an inventory of the primary components of both policy operations by the monetary authorities and the fundamental economic determinants of interest rate movements.