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Did the Fed and ECB react asymmetrically with respect to asset market developments?
Hoffmann, Andreas - 2012
This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era...
Persistent link: https://www.econbiz.de/10009491822
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Did the Fed and ECB react asymmetrically with respect to asset market developments?
Hoffmann, Andreas - 2012
This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era...
Persistent link: https://www.econbiz.de/10010308139
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Did the Fed and ECB react asymmetrically with respect to asset market developments?
Hoffmann, Andreas - In: Journal of policy modeling : JPMOD ; a social science … 35 (2013) 2, pp. 197-211
Persistent link: https://www.econbiz.de/10009732131
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Is there wisdom in a second opinion? : shadowing the ECB and the Bank of England
Neuenkirch, Matthias; Siklos, Pierre L. - 2011 - This draft: August 2011
The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professionals and academic economists who provide a separate policy rate recommendation in advance of the central bank's announcement. We explore differences between shadow and actual committee decisions based on an...
Persistent link: https://www.econbiz.de/10009235966
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Examining spillover effect of US monetary policy to European stock markets : a Markov-Switching approach
Mumtaz, Muhammad Zubair; Smith, Zachary Alexander - In: Estudios de economía 46 (2019) 1, pp. 89-124
This study empirically examines the spillover effect from US monetary policy to nineteen European economies using Markov-switching models. The results of the univariate Markov-switching models validate the presence of two distinct regimes for both US monetary policy and the stock markets. We...
Persistent link: https://www.econbiz.de/10012025335
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Eurozone Stock Market Reactions to Unexpected ECB Monetary Policy Announcements
Filbien, Jean-Yves - 2013
To examine the Eurozone stock market reactions to European Central Bank (ECB) monetary policy announcement surprises …, we study the effect of unexpected changes in the ECB's main refinancing rate on aggregate and sectorial Eurozone equity … Euro-zone stock markets. However, we find a significant stock market reaction around unexpected ECB monetary policy …
Persistent link: https://www.econbiz.de/10013093483
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Examining Spillover Effect of Us Monetary Policy to European Stock Markets : A Markov-Switching Approach
Mumtaz, Muhammad Zubair - 2019
This study empirically examines the spillover effect from US monetary policy to nineteen European economies using Markov-switching models. The results of the univariate Markov-switching models validate the presence of two distinct regimes for both US monetary policy and the stock markets. We...
Persistent link: https://www.econbiz.de/10012869737
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The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets
Haitsma, Reinder - 2015
Using an event study method, we examine how stock markets respond to the policies of the European Central Bank during 1999-2015. We use market prices of futures (government bonds) to identify surprises in (un)conventional monetary policy. Our results suggest that especially unconventional...
Persistent link: https://www.econbiz.de/10013014193
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Quantitative Easing and Exuberance in Stock Markets : Evidence from the Euro Area
Lamoen, Ryan - 2019
In response to a prolonged period of low inflation, the European Central Bank (ECB) introduced Quantitative Easing (QE) in an attempt to steer inflation to its target of below, but close to, 2% in the medium term. This paper examines whether QE contributes to exuberance in euro area stock...
Persistent link: https://www.econbiz.de/10012858241
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Stock Market Effects of ECB's Asset Purchase Programmes : Firm-Level Evidence
Henseler, Kai - 2018
-sectional variation in a sample of 2,625 non-financial firms in the Euro-zone. Announcement returns are positively correlated with …
Persistent link: https://www.econbiz.de/10012923020