Stock market responses to unconventional monetary policy shocks

Jialing Wang, Young Ho Eom and Woon Wook Jang

Economics Letters, 2024, vol. 244, issue C

Abstract: We assess the impact of forward guidance and large-scale asset purchases (LSAPs) on stock market returns, finding that LSAP shocks during unconventional periods affect stock returns in a manner similar to federal funds rate (FFR) shocks during conventional periods.

Keywords: Equity return decomposition; Monetary policy shocks; Large-scale asset purchase; Forward guidance (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 G12 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:244:y:2024:i:c:s0165176524004300

DOI: 10.1016/j.econlet.2024.111946

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