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Applied Economics Letters Volume 31, 2024 - Issue 14
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Research Article

Business cycles, stock returns and the transmission channels of conventional and unconventional monetary policy

Amadeu DaSilvaa Department of Finance, California State University, Fullerton, CA, USA
&
Mira Farkab Department of Economics, California State University, Fullerton, CA, USACorrespondence[email protected]
Pages 1269-1277 | Published online: 20 Feb 2023

References

  • Basistha, A., and A. Kurov. 2008. “Macroeconomic Cycles and the Stock Market’s Reaction to Monetary Policy.” Journal of Banking & Finance 32 (12): 2606–2616. doi:10.1016/j.jbankfin.2008.05.012.
  • Bernanke, B., and M. Gertler. 1989. “Agency Costs, Net Worth, and Business Fluctuations.” The American Economic Review 79: 14–31.
  • Ehrmann, M., and M. Fratzscher. 2004. “Taking Stock: Monetary Policy Transmission to Equity Markets.” Journal of Money, Credit, and Banking 36 (4): 719–737. doi:10.1353/mcb.2004.0063.
  • Farka, M. 2022. “The Credit Channel of Monetary Policy Before and After the Zero Lower Bound: Evidence from the US Equity Market.” Journal of Financial Research 45: 633–693. doi:10.1111/jfir.12294.
  • Gertler, M., and P. Karadi. 2015. “Monetary Policy Surprises, Credit Costs, and Economic Activity.” American Economic Journal: Macroeconomics 7 (1): 44–76. doi:10.1257/mac.20130329.
  • Kontonikas, A., R. MacDonald, and A. Saggu. 2013. “Stock Market Reaction to Fed Funds Rate Surprises: State Dependence and the Financial Crisis.” Journal of Banking & Finance 37 (11): 4025–4037. doi:10.1016/j.jbankfin.2013.06.010.
  • Peersman, G., and F. Smets. 2005. “The Industry Effect of Monetary Policy in the Euro Area.” The Economic Journal 115 (503): 319–342. doi:10.1111/j.1468-0297.2005.00991.x.
  • Swanson, E. T. 2021. “Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets.” Journal of Monetary Economics 118: 32–53. doi:10.1016/j.jmoneco.2020.09.003.

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