Alonso Alvarez, Irma; Serrano, Pedro; Vaello-Sebastià, … - 2021
This article analyzes the impact of the unconventional monetary policies (UMPs) of four major central banks (the Fed, ECB, BoE and BOJ) on the probability of future market crashes. We exploit the heterogeneity of different UMP actions to disentangle their influence on reducing the ex ante...