Gürkaynak, Refet S.; Kara, Hakan; Kısacıkoğlu, Burçin - 2022
, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using event-studies and … condition on multiple asset prices in the event-study and model implications for these. We find that there is heterogeneity in … this dimension in the event-study and no model with a single regime can match the evidence. Further, even after …