Financial market segmentation, stock market volatility and the role of monetary policy
نویسندگان
چکیده
منابع مشابه
Financial market segmentation, stock market volatility and the role of monetary policy
This paper explores the role of monetary policy in a segmented stock market model. Previous research (e.g Mankiw and Zeldes (1991), Vissing-Jørgensen (2002)) reports that only a fraction of the households participates in the stock market. In this paper participating households have stochastic dividend as part of their income and are, therefore, subject to financial market risk. Also, only parti...
متن کاملStock Market Uncertainty and the Analysis of Monetary Policy shock
Policy makers impose policies to improve economy circumstance in order to achieve economic goals. However, the consequence of these policies along with the intended goals will also influence expectations, fluctuations, etc., and cause changes in levels of uncertainty. The important role of the stock market in the economy, makes it important to examine its uncertainty and its interaction with mo...
متن کاملFinancial Liberalization and Emerging Stock Market Volatility
In this paper we review the factors that may lead to structural changes in stock market volatility and present an analysis that assesses whether emerging stock market volatility has changed significantly over the period 1976:01-2002:03. This period corresponds to the years of more profound development of both the financial and the productive sides in emerging countries. We use alternative metho...
متن کاملCommentary: Monetary Policy and Asset Market Volatility
Bernanke and Gertler offer an excellent paper on guidelines for monetary policy. Much is to be learned, and when they get close to the key issue: Should the Fed crash asset market bubbles? Their firm nomodel and simulation-basedoffers great comfort to received wisdom. I have learned a lot from the paper and their broader research effort (see Clarida, Gali, and Gertler (1999) and the refer...
متن کاملThe Impact of Monetary Policy on the Stock Market Returns and Instability: Comparison of Monetary Policy Tools in Iran
After the recent financial crisis, especially the financial crisis 2008, This raises the important question of what is the role of monetary policy in occurrence and prevention of the financial instability? so, this paper investigate the dynamics impact of monetary policy on the stock market returns and instability using Structural Vector Autoregression (SVARs) model During the period 1992:q2...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: European Economic Review
سال: 2013
ISSN: 0014-2921
DOI: 10.1016/j.euroecorev.2013.06.005