We study the impact of changes in US monetary policy on the equity returns of real-estate-related industries and the possible economic sources behind the response. We find that over the 1989 to 2005 sample period covered in our study, a hypothetical unexpected rate cut of 25 basis points is...

In this paper we study the effect of unexpected changes in monetary policy on the equity returns of real-estate-related industries, using federal funds futures prices to extract unexpected changes in the Federal Funds Target Rate and employing it as a measure of monetary policy shocks. We find...