MARC Record from Scriblio

LEADER: 01756cam 22002897a 4500
001 2004617003
003 DLC
005 20040709125526.0
007 cr |||||||||||
008 040709s2004 dcu sb f000 0 eng
010 $a 2004617003
040 $aDLC$cDLC
050 00 $aHG1
100 1 $aBernanke, Ben.
245 10 $aWhat explains the stock market's reaction to Federal Reserve policy?$h[electronic resource] /$cBen S. Bernanke and Kenneth N. Kuttner.
260 $aWashington, D.C. :$bFederal Reserve Board,$c[2004]
490 1 $aFinance and economics discussion series ;$v2004-16
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/9/2004.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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.
653 $aMonetary policy;$aequity prices
700 1 $aKuttner, Kenneth N.
830 0 $aFinance and economics discussion series (Online) ;$v2004-16.
856 40 $uhttp://www.federalreserve.gov/pubs/feds/2004/200416/200416abs.html