| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10402 |
| 来源ID | Working Paper 10402 |
| What Explains the Stock Market's Reaction to Federal Reserve Policy? | |
| Ben S. Bernanke; Kenneth N. Kuttner | |
| 发表日期 | 2004-04-05 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the impact of changes in monetary policy on equity prices, with the objectives both of measuring the average reaction of the stock market and also of understanding the economic sources of that reaction. We find that, on average, a hypothetical unanticipated 25-basis-point cut in the federal funds rate target is associated with about a one percent increase in broad stock indexes. Adapting a methodology due to Campbell (1991) and Campbell and Ammer (1993), we find that the effects of unanticipated monetary policy actions on expected excess returns account for the largest part of the response of stock prices. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w10402 |
| 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/568031 |
| 推荐引用方式 GB/T 7714 | Ben S. Bernanke,Kenneth N. Kuttner. What Explains the Stock Market's Reaction to Federal Reserve Policy?. 2004. |
| 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 | ||
| w10402.pdf（720KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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