Identifying the Interdependence Between US Monetary Policy and the Stock Market PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Identifying the Interdependence Between US Monetary Policy and the Stock Market PDF full book. Access full book title Identifying the Interdependence Between US Monetary Policy and the Stock Market by Hilde C. Bjørnland. Download full books in PDF and EPUB format.
Author: Hilde C. Bjørnland
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
We estimate the interdependence between US monetary policy and the S&P 500 using structural VAR methodology. A solution is proposed to the simultaneity problem of identifying monetary and stock price shocks by using a combination of short-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established literature (CEE 1999). We find great interdependence between interest rate setting and stock prices. Stock prices immediately fall by 1.5 per cent due to a monetary policy shock that raises the federal funds rate by ten basis points. A stock price shock increasing stock prices by one per cent leads to an increase in the interest rate of five basis points. Stock price shocks are orthogonal to the information set in the VAR model and can be interpreted as non-fundamental shocks. We attribute a major part of the surge in stock prices at the end of the 1990s to these non-fundamental shocks.
Author: Hilde C. Bjørnland
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
We estimate the interdependence between US monetary policy and the S&P 500 using structural VAR methodology. A solution is proposed to the simultaneity problem of identifying monetary and stock price shocks by using a combination of short-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established literature (CEE 1999). We find great interdependence between interest rate setting and stock prices. Stock prices immediately fall by 1.5 per cent due to a monetary policy shock that raises the federal funds rate by ten basis points. A stock price shock increasing stock prices by one per cent leads to an increase in the interest rate of five basis points. Stock price shocks are orthogonal to the information set in the VAR model and can be interpreted as non-fundamental shocks. We attribute a major part of the surge in stock prices at the end of the 1990s to these non-fundamental shocks.
Author: Mr.Olivier Coibion
Publisher: International Monetary Fund
ISBN: 1475505493
Category : Business & Economics
Languages : en
Pages : 57
Get Book Here
Book Description
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Author: Hilde C. Bjørnland
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
We estimate the interdependence between US monetary policy and the S&P 500 using structural VAR methodology. A solution is proposed to the simultaneity problem of identifying monetary and stock price shocks by using a combination of short-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established literature (CEE 1999). We find great interdependence between interest rate setting and stock prices. Stock prices immediately fall by 1.5 per cent due to a monetary policy shock that raises the federal funds rate by ten basis points. A stock price shock increasing stock prices by one per cent leads to an increase in the interest rate of five basis points. Stock price shocks are orthogonal to the information set in the VAR model and can be interpreted as non-fundamental shocks. We attribute a major part of the surge in stock prices at the end of the 1990s to these non-fundamental shocks.
Author: Ramesh Chandra Das
Publisher: Emerald Group Publishing
ISBN: 1789733197
Category : Business & Economics
Languages : en
Pages : 429
Get Book Here
Book Description
The Impacts of Monetary Policy in the 21st Century illustrates the effect of financial policies upon global economic indicators, with special reference made to issues effecting East Asian nations generally and with a particular focus on Indian economic development since 2000.
Author: Xiaolong Li
Publisher: Springer Nature
ISBN: 9811905649
Category : Business & Economics
Languages : en
Pages : 846
Get Book Here
Book Description
The proceedings consist of papers accepted by the 5th ICEMGD, which are carefully selected and reviewed by professional reviewers from corresponding research fields and the editing committee of the conference. The papers have a diverse range of topics situated at the intersecting field of Economic Management, Public Administration and Green Development. ICEMGD is working to provide a platform for international participants from fields like macro- and microeconomics, international economics, finance, agricultural economics, health economics, business management and marketing strategies, regional development studies, social governance, and sustainable development. This proceedings volume, together with the conference, looks forward to spark inspirations and promote collaborations. It will be of interest to researchers, academics, professionals and policy makers in the field of economic management, public administration, and development studies. Due to COVID-19, ICEMGD was held online on 12-17 August, 2021.
Author:
Publisher: International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies
ISBN:
Category : Technology & Engineering
Languages : en
Pages : 232
Get Book Here
Book Description
Published articles from TuEngr.com
Author: Management Association, Information Resources
Publisher: IGI Global
ISBN: 1668474611
Category : Business & Economics
Languages : en
Pages : 1953
Get Book Here
Book Description
The COVID-19 pandemic has shocked economies around the world and created an era of global instability. As the pandemic comes to a close, it is essential to examine global economies in order to achieve and maintain global stability. By maintaining global stability, the world may be prepared for future economic shocks. The Research Anthology on Macroeconomics and the Achievement of Global Stability discusses the emerging opportunities, challenges, and strategies within the field of macroeconomics. It features advancements in the field that encourage global economic stability. Covering topics such as Islamic banking, international trade, and Econophysics, this major reference work is an ideal resource for economists, government leaders and officials, business leaders and executives, finance professionals, students and educators of higher education, librarians, researchers, and academicians.
Author: Dinçer, Hasan
Publisher: IGI Global
ISBN: 1799825604
Category : Business & Economics
Languages : en
Pages : 646
Get Book Here
Book Description
Consumer needs and demands are constantly changing. Because of this, marketing science and finance have their own concepts and theoretical backgrounds for evaluating consumer-related challenges. However, examining the function of finance with a marketing discipline can help to better understand internal management processes and compete in today’s market. The Handbook of Research on Decision-Making Techniques in Financial Marketing is a collection of innovative research that integrates financial and marketing functions to make better sense of the workplace environment and business-related challenges. Different financial challenges are taken into consideration while many of them are based on marketing theories such as agency theory, product life cycle, and optimal consumer experience. While highlighting topics including behavioral financing, corporate ethics, and Islamic banking, this book is ideally designed for financiers, marketers, financial analysts, marketing strategists, researchers, policymakers, government officials, academicians, students, and industry professionals.
Author: Stephen Giovanni Cecchetti
Publisher: Centre for Economic Policy Research
ISBN: 9781898128533
Category : Business & Economics
Languages : en
Pages : 164
Get Book Here
Book Description
Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.
Author: Timothy J. Kehoe
Publisher: U of Minnesota Press
ISBN: 1452965846
Category : Business & Economics
Languages : en
Pages : 643
Get Book Here
Book Description
A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research. A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries. Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.
