Sondermann, David; Bohl, Martin T.; Siklos, Pierre L. - In: Finance Research Letters 6 (2009) 4, pp. 230-235
This paper analyzes the first part of the stock market channel of monetary policy in the euro area. We find … heterogeneous reactions of euro area stock markets to unexpected ECB's interest rate decisions. Splitting all markets into two … groups, covering the stock markets reacting significantly to monetary policy shocks and the ones which do not, each sub …