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Інформація × Реєстраційний номер 2117U000720, Матеріали видань та локальних репозитаріїв Категорія Стаття Назва роботи Monetary Policy Surprises and the Responses of Asset Prices: An Event Study Analysis Автор Дата публікації 01-01-2017 Постачальник інформації Сумський державний університет Першоджерело http://essuir.sumdu.edu.ua/handle/123456789/61639 Видання Sumy State University Опис The monetary policy shocks have been widely regarded to have effects on the financial markets. Before the 2008 financial crisis, the Federal Reserve adjusted the federal funds target rate to implement the monetary policy. This paper uses event studies to examine the relationship between the Federal Reserve's interest rate decisions and the asset prices. We find that treasury bills and exchange rates of the developed countries were significantly influenced by the FED's unexpected monetary policy shocks from the year of 1989 to 2008. However, in the same period, exchange rates of the emerging markets responded weakly to the policy surprises. We also have observed that international equity markets and commodity prices were not sensitive to the rate decisions of the Federal Reserve. In addition, Treasury bill yields responded significantly to the anticipated and unanticipated rate decisions in both pre and post FOMC meeting days. We also show that the FED’s unexpected monetary policy had significant 5 day post announcement impacts on prices of almost all assets. Додано в НРАТ 2025-03-24 Закрити