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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发表在:MAGKS - Joint Discussion Paper Series in Economics (Band 41-2020)
主要作者: Baumgärtner, Martin
格式: 文件
语言:英语
出版: Philipps-Universität Marburg 2020
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