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Monetary policy surprises, central bank information shocks, and economic activity in a small open economy

Laséen, Stefan - 2020

In this paper I study the effects of monetary policy on economic activity and asset prices in Sweden, separately identifying the effects of a conventional policy change from effects of new information about economic fundamentals. Recent research has shown that high-frequency changes in policy...

Persistent link: https://www.econbiz.de/10012497748

Liquidity and market efficiency : alive and well?

Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015

On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...

Persistent link: https://www.econbiz.de/10011414459

Investor Sentiment and the Stock Market’s Reaction to Monetary Policy

Kurov, Alexander - 2011

This paper shows that monetary policy decisions have a significant effect on investor sentiment. The effect of monetary news on sentiment depends on market conditions (bull versus bear market). We also find that monetary policy actions in bear market periods have a larger effect on stocks that...

Persistent link: https://www.econbiz.de/10013134559

The Effectiveness of Unconventional Monetary Policy : The Term Auction Facility

Thornton, Daniel L. - 2010

This paper investigates the effectiveness of one of the Fed's unconventional monetary policy tools, the term auction facility (TAF). At issue is whether the TAF reduced the spread between LIBOR rates and equivalent-term Treasury rates by reducing the liquidity premium embedded in LIBOR rates....

Persistent link: https://www.econbiz.de/10013136572

Can the Fed Talk the Hind Legs Off the Stock Market?

Eijffinger, Sylvester C. W. - 2012

more by central bank communication. Our evidence suggests that central bank communication by the FOMC has an impact on …This paper analyzes the impact of US central bank communication on individual stock returns. We find a strong … conditional effect of communication on stocks. The response of equities to central bank talk depends critically on the business …

Persistent link: https://www.econbiz.de/10013114599

What Determines the Stock Market's Reaction to Monetary Policy Statements?

Kurov, Alexander - 2012

statements. We also show state dependence in the average stock returns on days of scheduled FOMC meetings and in the impact of …

Persistent link: https://www.econbiz.de/10013105517

Do Financial Markets Learn from ECB Monetary Policy?

Filbien, Jean-Yves - 2013

This article examines the magnitude of stock market reactions around European Central Bank (ECB) monetary policy announcements. Since the introduction of ECB, the declining absolute abnormal returns have been compatible with stock market learning from ECB monetary policy making. The Eurozone...

Persistent link: https://www.econbiz.de/10013092215

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 returns. We also analyse the results according to varying...

Persistent link: https://www.econbiz.de/10013093483

Asset Purchase Programmes and Financial Markets : Lessons from the Euro Area

Altavilla, Carlo - 2016

We evaluate the effects on asset prices of the ECB asset purchase program (APP) announced in January 2015 and assess its main transmission channels. We do so by first extending a term structure model with bond supply effects to account for assets with different types of risk premia. We then...

Persistent link: https://www.econbiz.de/10013001152

Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Gokhale, Jagadeesh - 2009

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Persistent link: https://www.econbiz.de/10013155688