This paper examines the impact of anticipated and unanticipated interest rate changes on aggregate and sectoral stock returns in the United Kingdom. The monetary policy shock is generated from the change in the 3-month sterling LIBOR futures contract. Results from time-series and panel analysis...

We show that expansionary monetary policy is positively (inversely) associated with household portfolio allocation to high-risk (low-risk) assets, in line with “reaching for yield” behaviour. Our main findings are based on analysis of US household level panel data using alternative measures...

We show that expansionary monetary policy is associated with higher household portfolio allocation to high risk assets and lower allocation to low risk assets, in line with “reaching for yield” behaviour. Our main findings are based on analysis of US household level panel data using...

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern...