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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"--Federal Reserve Board web site.
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Subjects
Monetary policy, Prices, Stock exchanges, StocksPlaces
United StatesShowing 4 featured editions. View all 4 editions?
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What explains the stock market's reaction to Federal Reserve policy?
2004, National Bureau of Economic Research
Electronic resource
in English
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What explains the stock market's reaction to Federal Reserve policy?
2004, Federal Reserve Board
Electronic resource
in English
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3
What explains the stock market's reaction to Federal Reserve policy?
2004, National Bureau of Economic Research
in English
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What explains the stock market's reaction to Federal Reserve Policy?
2003, Federal Reserve Bank of New York
Electronic resource
in English
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Book Details
Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 7/9/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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- Created April 1, 2008
- 5 revisions
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December 11, 2020 | Edited by MARC Bot | import existing book |
July 31, 2012 | Edited by VacuumBot | Updated format '[electronic resource] /' to 'Electronic resource' |
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October 31, 2008 | Edited by ImportBot | add URIs from original MARC record |
April 1, 2008 | Created by an anonymous user | Imported from Scriblio MARC record |