Research Seminar 4/5/2022: ''The Impact of Monetary Policy on Stock Prices: Putting the Pedal to the Metal or Losing Steam?'' (by Carlo Rosa)
Research Seminar Series in Economic Sciences, 2021-2022
Speaker: Carlo Rosa, Senior Lecturer, University of Calabria, Cosenza, Italy
Webpage: https://sites.google.com/view/carlorosa
Title: The Impact of Monetary Policy on Stock Prices: Putting the Pedal to the Metal or Losing Steam?
Date & Time: Wednesday, May 4th, 2022, 19:00 - 20:30
Webex Link: https://uoa.webex.com/uoa/j.php?MTID=m6f2d44769f2375bf2090852c432d9ac6
Url: http://www.econ.uoa.gr/ereynhtika-seminaria-research-seminars.html
Abstract: This paper examines the impact of conventional and unconventional monetary policy on US stock prices using an event study with intraday data. Three indicators of monetary policy surprises are constructed: the surprise change in the current federal funds target rate, forward guidance, and large‐scale asset purchases. Estimation results show that all three types of monetary surprises have economically important and highly significant effects on asset prices. While conventional policy was weaker during the financial crisis, unconventional policy was highly effective. This work also documents that the financial market impact of monetary policy across US stocks is heterogeneous.
Organizers: Dimitris Kenourgios, Professor, George Dotsis, Assoc. Professor, Frago Kourandi, Assist. Professor