monetary shocks is independent of the shock size in time-dependent models, while it is non-linear in state-dependent models. We …

phenomenon. Predicting the direction and level of asset prices are important activities in the real world practice for investors … linear estimation parts, I found that the 1 basis point unexpected cut of the Fed Fund rate by the Fed Reserve in U.S. will … drive 11 ticks rise of gold prices with significant level of 0.01. In the non-linear estimation parts, if the Fed Reserve …