| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8090 |
| DP8090 U.S. Monetary Shocks and Global Stock Prices | |
| Luc Laeven; Hui Tong | |
| 发表日期 | 2010-11-08 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics |
| 关键词 | Asset allocation Asset prices Financial constraints monetary policy Monetary transmission |
| URL | https://cepr.org/publications/dp8090 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536950 |
| 推荐引用方式 GB/T 7714 | Luc Laeven,Hui Tong. DP8090 U.S. Monetary Shocks and Global Stock Prices. 2010. |
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