| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8450 |
| 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 |
| URL | https://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。 | |||||
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