Information or Uncertainty Shocks?
This paper shows that uncertainty has an impact on the effectiveness of monetary policy shocks. As uncertainty increases, so does the risk that a restrictive forward guidance shock will increase rather than decrease stock prices. This effect can be seen not only in high-frequency variables, but a...
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Published in: | MAGKS - Joint Discussion Paper Series in Economics (Band 41-2020) |
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Main Author: | |
Format: | Article |
Language: | English |
Published: |
Philipps-Universität Marburg
2020
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Online Access: | PDF Full Text |
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MAGKS - Joint Discussion Paper Series in Economics