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Sinopsis
This paper analyzes the impact of changes in monetary policy on equity prices, with the objectives both of measuring the average reaction of the stock market and also of understanding the economic sources of that reaction. We find that, on average, a hypothetical unanticipated 25-basis-point cut in the federal funds rate target is associated with about a one percent increase in broad stock indexes. Adapting a methodology due to Campbell (1991) and Campbell and Ammer (1993), we find that the effects of unanticipated monetary policy actions on expected excess returns account for the largest part of the response of stock prices.
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This paper analyzes the impact of changes in monetary policy on equity prices, with the objectives both of measuring the average reaction of the stock market and also of understanding the economic sources of that reaction. We find that, on average, a hypothetical unanticipated 25-basis-point cut in the federal funds rate target is associated with about a one percent increase in broad stock indexes. Adapting a methodology due to Campbell (1991) and Campbell and Ammer (1993), we find that the effects of unanticipated monetary policy actions on expected excess returns account for the largest part of the response of stock prices.
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Finance and Economics Discussion Series: What Explains the Stock Market's Reaction to Federal Reserve Policy (Paperback or Softback)
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Bibliogov 2/6/2013, 2013
ISBN 10: 1288713215
ISBN 13: 9781288713219
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Paperback or Softback. Condición: New. Finance and Economics Discussion Series: What Explains the Stock Market's Reaction to Federal Reserve Policy 0.28. Book. Nº de ref. del artículo: BBS-9781288713219
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Finance and Economics Discussion Series: What Explains the Stock Market's Reaction to Federal Reserve Policy
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Paperback / softback. Condición: New. This item is printed on demand. New copy - Usually dispatched within 5-9 working days 157. Nº de ref. del artículo: C9781288713219
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Finance and Economics Discussion Series: What Explains the Stock Market s Reaction to Federal Reserve Policy
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Condición: New. KlappentextThis paper analyzes the impact of changes in monetary policy on equity prices, with the objectives both of measuring the average reaction of the stock market and also of understanding the economic sources of that reaction. We . Nº de ref. del artículo: 6584625
Cantidad disponible: Más de 20 disponibles
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Finance and Economics Discussion Series: What Explains the Stock Market's Reaction to Federal Reserve Policy
Librería: Lucky's Textbooks, Dallas, TX, Estados Unidos de America
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Condición: New. Nº de ref. del artículo: ABLING22Oct2517050416930
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