| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w0958 |
| 来源ID | Working Paper 0958 |
| The Reaction of Stock Prices to Unanticipated Changes in Money | |
| Douglas K. Pearce; V. Vance Roley | |
| 发表日期 | 1982-08-01 |
| 出版年 | 1982 |
| 语种 | 英语 |
| 摘要 | This paper investigates the short-run effect of unexpected changes in the weekly money stock on common stock prices. Survey data on money market participants' forecasts of money changes are employed to construct the measure of unanticipated movements in the money stock. The results indicate that an unexpected increase in money depresses stock prices and, consistent with the efficient markets hypothesis, only the unexpected part of the weekly money announcement causes stock price fluctuations. The October 1979 change in Federal Reserve operating procedures appears to have made stock prices somewhat more sensitive to large money surprises. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w0958 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558176 |
| 推荐引用方式 GB/T 7714 | Douglas K. Pearce,V. Vance Roley. The Reaction of Stock Prices to Unanticipated Changes in Money. 1982. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w0958.pdf（228KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
