Finance and Economics Discussion Series - Couverture souple

Bernanke, Ben S; Kuttner, Kenneth N

Couverture souple

ISBN 10 : 1025149564 ISBN 13 : 9781025149561

Editeur : Hutson Street Press, 2025

Synopsis

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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Détails de l'édition

• Éditeur: Hutson Street Press
• Date d'édition: 2025
• Langue: anglais
• ISBN 10: 1025149564
• ISBN 13: 9781025149561
• Reliure: Broché
• Nombre de pages: 58
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible