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U.S. Monetary Shocks and Global Stock Prices

2010-12-01 Business & Economics
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Release : 2010-12-01
Genre : Business & Economics
Kind : eBook
Book Rating : 854/5 ( reviews)

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Book Synopsis U.S. Monetary Shocks and Global Stock Prices by : Mr.Luc Laeven

Download or read book U.S. Monetary Shocks and Global Stock Prices written by Mr.Luc Laeven. This book was released on 2010-12-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for sectors that depend on external financing, and for countries that are more integrated with the global financial market. These findings suggest that financial frictions play an important role in the transmission of monetary policy, and that U.S. monetary policy influences global capital allocation.

Stock Prices and Monetary Policy

2008 Monetary policy
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Release : 2008
Genre : Monetary policy
Kind : eBook
Book Rating : 19X/5 ( reviews)

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Book Synopsis Stock Prices and Monetary Policy by : Paul De Grauwe

Download or read book Stock Prices and Monetary Policy written by Paul De Grauwe. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt: The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.

Identifying the Interdependence Between US Monetary Policy and the Stock Market

2010
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Release : 2010
Genre :
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Book Synopsis Identifying the Interdependence Between US Monetary Policy and the Stock Market by : Hilde C. Bjørnland

Download or read book Identifying the Interdependence Between US Monetary Policy and the Stock Market written by Hilde C. Bjørnland. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the interdependence between US monetary policy and the S&P 500 using structural VAR methodology. A solution is proposed to the simultaneity problem of identifying monetary and stock price shocks by using a combination of short-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established literature (CEE 1999). We find great interdependence between interest rate setting and stock prices. Stock prices immediately fall by 1.5 per cent due to a monetary policy shock that raises the federal funds rate by ten basis points. A stock price shock increasing stock prices by one per cent leads to an increase in the interest rate of five basis points. Stock price shocks are orthogonal to the information set in the VAR model and can be interpreted as non-fundamental shocks. We attribute a major part of the surge in stock prices at the end of the 1990s to these non-fundamental shocks.

US Monetary Policy Spillovers

2017
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Release : 2017
Genre :
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Book Synopsis US Monetary Policy Spillovers by : Saroj Bhattarai

Download or read book US Monetary Policy Spillovers written by Saroj Bhattarai. This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt:

Effects of Anticipated Versus Unanticipated Monetary Shocks on the U.S. Stock Market

2020
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Release : 2020
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Book Synopsis Effects of Anticipated Versus Unanticipated Monetary Shocks on the U.S. Stock Market by :

Download or read book Effects of Anticipated Versus Unanticipated Monetary Shocks on the U.S. Stock Market written by . This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt:

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