期刊名称：International Journal of Economics and Financial Issues
电子版ISSN：2146-4138
出版年度：2013
卷号：3
期号：3
页码：701-709
语种：English
出版社：EconJournals
摘要：800x600 This paper analyses the relationship between monetary policy and the stock market with the aim of gaining new insights into the transmission mechanism of monetary policy. The empirical findings shed light on the importance of stock prices for money demand and therefore provide useful information to monetary authorities to decide on policy actions. A technique developed by Wickens and Motto (2001) for identifying shocks by estimating a VECM for the endogenous variables is employed. The reported evidence suggests that stock markets play a significant role in the money demand function. Keywords: Asset Prices; Stock Market; Monetary Policy; Impulse Response Analysis; VECM; VAR JEL Classification s : E41; E52 Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} 800x600 Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
