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来源类型Working Paper
规范类型报告
DOI10.3386/w14019
来源IDWorking Paper 14019
Inflation, Monetary Policy and Stock Market Conditions
Michael D. Bordo; Michael J. Dueker; David C. Wheelock
发表日期2008-05-23
出版年2008
语种英语
摘要This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the second half of the 20th century. We estimate a latent variable VAR to examine how macroeconomic and policy shocks affect the condition of the stock market. Further, we examine the contribution of various shocks to market conditions during particular episodes and find evidence that inflation and interest rate shocks had particularly strong impacts on market conditions in the postwar era. Disinflation shocks promoted market booms and inflation shocks contributed to busts. We conclude that central banks can contribute to financial market stability by minimizing unanticipated changes in inflation.
主题Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; History ; Macroeconomic History ; Financial History
URLhttps://www.nber.org/papers/w14019
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/571694
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GB/T 7714
Michael D. Bordo,Michael J. Dueker,David C. Wheelock. Inflation, Monetary Policy and Stock Market Conditions. 2008.
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