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 … are consistent with the hypothesis of rational behavior of economic agents in financial market and the related theory such …

shock types within a given country; we then show that the implicit under/over-valuations can be related to some simple cross … that can blur the thin separation line between uncertainty shock types. In this context, we find that ECB reacted to those …