G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8450
DP8450 Can the Fed talk the hind legs off the stock market?
Sylvester Eijffinger; Ronald Mahieu; Louis Raes
发表日期2011-06-01
出版年2011
语种英语
摘要Deliberately or not, by providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary policy communication inducing an upward revision of the path of future policy is good news for stocks. During an expansion the effect is weak and on average negative. The response of equities to central bank talk depends critically on the business cycle. There are strong industry specific effects of monetary policy actions and communication. These industry effects relate to the variation in cyclicality of different industries. Firm-specific effects of monetary policy relate to the leverage, the size and the price-earnings ratio of firms.
主题International Macroeconomics
关键词Business cycle Credit channel monetary policy Monetary policy announcements stock market
URLhttps://cepr.org/publications/dp8450
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/537278
推荐引用方式
GB/T 7714
Sylvester Eijffinger,Ronald Mahieu,Louis Raes. DP8450 Can the Fed talk the hind legs off the stock market?. 2011.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Sylvester Eijffinger]的文章
[Ronald Mahieu]的文章
[Louis Raes]的文章
百度学术
百度学术中相似的文章
[Sylvester Eijffinger]的文章
[Ronald Mahieu]的文章
[Louis Raes]的文章
必应学术
必应学术中相似的文章
[Sylvester Eijffinger]的文章
[Ronald Mahieu]的文章
[Louis Raes]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。