Federal reserve private information and the stock market
We study the response of stock prices to monetary policy, distinguishing effects of exogenous shocks from “Delphic” shocks that reveal the Federal Reserve's macroeconomic forecasts. To decompose monetary policy surprises into these separate components we construct a measure of Federal Reserve p...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier B.V.
2019
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |