Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements

We investigate the effects of U.S. monetary policy on asset prices using a high-frequency event-study analysis. We test whether these effects are adequately captured by a single factor-changes in the federal funds rate target - and find that they are not. Instead, we find that two factors are requir...

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Bibliographic details
Volume: 1
Main Author: Gurkaynak, Refet S
Sack, Brian P
Swanson, Eric T
Format: Journal Article
Language: English
Place of publication: Federal Reserve Board 01.01.2005
published in: SSRN Electronic Journal Vol. 1; no. 1 May
Data of publication: 2005-01-01
ISSN: 1556-5068
1556-5068
EISSN: 1556-5068
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Online Access: available in Bonn?
Database: CrossRef
OpenAIRE (Open Access)
OpenAIRE
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