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Journal article

One central bank to rule them all

Abstract:

While global stock markets enjoy high returns on days surrounding FOMC meetings, there is no comparable result for other central banks either internationally or, more surprisingly, domestically. Neither announcement surprises nor currency moves drive these Öndings, which hold even for stocks with a domestic focus. The di§erence in announcement premia is not explained by economy size, exposure to multinationals, or policy activism. We conclude that the Fed exerts a unique impact on global equi...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1093/rof/rfz015

Authors


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Institution:
University of Oxford
Division:
SSD
Oxford college:
Oriel College
Role:
Author
Publisher:
Oxford University Press
Journal:
Review of Finance More from this journal
Volume:
24
Issue:
2
Pages:
263–304
Publication date:
2019-07-30
Acceptance date:
2019-07-09
DOI:
EISSN:
1573-692X
ISSN:
1572-3097
Language:
English
Keywords:
Pubs id:
pubs:1031108
UUID:
uuid:61ef4010-7f35-40e2-abbf-f1d6db4a010b
Local pid:
pubs:1031108
Source identifiers:
1031108
Deposit date:
2019-07-11

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