Gürkaynak, Refet S.; Kara, Ali Hakan; Kısacıkoğlu, … - 2020
, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using event studies and … condition on multiple asset prices in the event study and model implications for these. We find that there is heterogeneity in … this dimension in the event study and no model with a single regime can match the evidence. Further, even after …