Hammami, Yacine - In: International Journal of Monetary Economics and Finance 5 (2012) 1, pp. 24-37
This paper contends that abundant liquidity in the economy might be an important determinant of market inefficiency … excess liquidity is a cause of market inefficiency, the latter is expected to come out essentially in restrictive monetary … environments. Consistent with this intuition, empirical tests here highlight that expected stock returns in the USA are driven by …