The asymmetric effects of monetary policy on stock price bubbles

被引：0

作者：

Blot, Christophe ^{[1
,2
]}

Hubert, Paul ^{[1
,3
]}

Labondance, Fabien ^{[1
,4
]}

机构：

[1] Sci Po OFCE, Nanterre, France

[2] Univ Paris Nanterre EconomiX, Paris, France

[3] Banque France, Paris, France

[4] Univ Bourgogne Franche Comte, CRESE, Besancon, France

来源：

EUROPEAN ECONOMIC REVIEW | 2024年 / 168卷

关键词：

Financial stability; State-dependence; Asset prices; Booms and busts; Leaning against the wind; ASSET BUBBLES; FEDERAL-RESERVE; FINANCIAL STABILITY; INTEREST-RATES; BAD-NEWS; TRANSMISSION; EXPECTATIONS; INFORMATION; BOOMS; RISK;

D O I：

10.1016/j.euroecorev.2024.104824

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Is the effect of US monetary policy on stock price bubbles asymmetric? To explore this question, we compute a range of measures of excessive stock price movements that are unrelated to fundamentals. We find that the effects of monetary policy are asymmetric, so that responses to tightening and easing shocks must be distinguished. The effects of monetary policy tightening are stronger than the effects of monetary policy easing. We also find evidence that the asymmetric effect of monetary policy is state-contingent and depends on monetary, financial and business cycles.

引用

页数：18

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