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Books > Social sciences > Politics & government

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Finance and Economics Discussion Series - What Explains the Stock Market's Reaction to Federal Reserve Policy (Paperback) Loot Price: R493

Discovery Miles 4 930

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Finance and Economics Discussion Series - What Explains the Stock Market's Reaction to Federal Reserve Policy (Paperback):...

Finance and Economics Discussion Series - What Explains the Stock Market's Reaction to Federal Reserve Policy (Paperback)

Ben S. Bernanke

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Loot Price R493 Discovery Miles 4 930

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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.

General

Imprint:	Bibliogov
Country of origin:	United States
Release date:	February 2013
First published:	February 2013
Authors:	Ben S. Bernanke
Dimensions:	246 x 189 x 3mm (L x W x T)
Format:	Paperback - Trade
Pages:	60
ISBN-13:	978-1-288-71321-9
Categories:	Books > Social sciences > Politics & government > General Promotions
LSN:	1-288-71321-5
Barcode:	9781288713219