Bernanke, Ben S.; Kuttner, Kenneth N. - Federal Reserve Bank of New York - 2003
increase of roughly 1 percent in the level of stock prices, as measured by the CRSP value-weighted index. There is some … reversal in the direction of rate changes. The estimated response of stock prices to fund rate surprises varies widely across … Campbell (1991) and Campbell and Ammer (1993), we find that most of the effect of monetary policy on stock prices can be traced …