changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages between these …

We analyze how changes in government policy affect stock prices. Our general equilibrium model features uncertainty … policy after performance downturns in the private sector. Stock prices fall at the announcements of policy changes, on …

combines 2008 changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages …

stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and …

through 2003, and daily data for 2003. Both datasets include assets from three different markets: the New York Stock Exchange …, the NASDAQ, and the Toronto Stock Exchange. For both monthly and daily frequencies, we find plausible estimates of EMRS … within and between stock markets. We find that all three markets seem to be internally integrated in the sense that different …