{"title":"货币政策对股价泡沫的非对称效应","authors":"Christophe Blot , Paul Hubert , Fabien Labondance","doi":"10.1016/j.euroecorev.2024.104824","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":null,"pages":null},"PeriodicalIF":2.8000,"publicationDate":"2024-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The asymmetric effects of monetary policy on stock price bubbles\",\"authors\":\"Christophe Blot , Paul Hubert , Fabien Labondance\",\"doi\":\"10.1016/j.euroecorev.2024.104824\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>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.</p></div>\",\"PeriodicalId\":48389,\"journal\":{\"name\":\"European Economic Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2024-07-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"European Economic Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0014292124001533\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Economic Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0014292124001533","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
The asymmetric effects of monetary policy on stock price bubbles
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.
期刊介绍：
The European Economic Review (EER) started publishing in 1969 as the first research journal specifically aiming to contribute to the development and application of economics as a science in Europe. As a broad-based professional and international journal, the EER welcomes submissions of applied and theoretical research papers in all fields of economics. The aim of the EER is to contribute to the development of the science of economics and its applications, as well as to improve communication between academic researchers, teachers and policy makers across the European continent and beyond.
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