Goukasian, Levon; Majbouri, Mehdi - In: Real Estate Economics 38 (2010) 2, pp. 355-398
We study the impact of changes in U.S. monetary policy on the equity returns of real estate-related industries. We find that, over the 1989-2005 sample period covered in our study, a hypothetical unexpected rate cut of 25 basis points (bps) is associated with an increase of about 170 bps in the...