| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14685 |
| DP14685 The Economics of the Fed Put | |
| Anna Cieslak; Annette Vissing-Jørgensen | |
| 发表日期 | 2020-04-30 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Since the mid-1990s, low stock returns predict accommodating policy by the Federal Reserve. This fact emerges because, over this period, negative stock returns comove with downgrades to the Fed's growth expectations. Textual analysis of the FOMC documents reveals that policymakers pay attention to the stock market, and their negative stock-market mentions predict federal funds rate cuts. The primary mechanism why policymakers find the stock market informative is via its effect on consumption, with a smaller role for the market viewed as predicting the economy. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Fed put monetary policy stock market Textual analysis Taylor rules |
| URL | https://cepr.org/publications/dp14685 |
| 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/543601 |
| 推荐引用方式 GB/T 7714 | Anna Cieslak,Annette Vissing-Jørgensen. DP14685 The Economics of the Fed Put. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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