The Stock Market And Inflation
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The Stock Market And Inflation
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Author : J. Anthony Boeckh
language : en
Publisher: Irwin Professional Publishing
Release Date : 1982
The Stock Market And Inflation written by J. Anthony Boeckh and has been published by Irwin Professional Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Inflation (Finance) categories.
The Stock Market Channel Of Monetary Policy
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Author : Mr.Ralph Chami
language : en
Publisher: International Monetary Fund
Release Date : 1999-02-01
The Stock Market Channel Of Monetary Policy written by Mr.Ralph Chami and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-02-01 with Business & Economics categories.
This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders’ demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal.
Stock Returns And Inflation Redux An Explanation From Monetary Policy In Advanced And Emerging Markets
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Author : Mr. Zhongxia Zhang
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-20
Stock Returns And Inflation Redux An Explanation From Monetary Policy In Advanced And Emerging Markets written by Mr. Zhongxia Zhang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-20 with Business & Economics categories.
Classical theories of monetary economics predict that real stock returns are negatively correlated with inflation when monetary policy is countercyclical. Previous empirical studies mostly focus on a small group of developed countries or a few countries with hyperinflation. In this paper, I examine the stock return-inflation relation under different monetary policy regimes and conditions using an expanded dataset of 71 economies. Empirical evidence suggests that the stock return-inflation relation is partially driven by monetary policy. If a country’s monetary authority conducts a more countercyclical monetary policy, the stock return-inflation relation becomes more negative. In addition, the results differ by monetary policy framework. In exchange rate anchor countries, stock markets do not respond to monetary policy cyclicality. In inflation targeting countries, stock markets react more strongly to inflation. A key contribution of this paper is to classify inflation targeters by their behaviors, and illustrate that behavior matters in shaping market perceptions: markets react to inflation and monetary policy cyclicality when central banks are able to control inflation within their target bands. In this case markets are sensitive to inflation dynamics when inflation is above the announced target bands. Finally, when monetary policy is constrained by the Zero Lower Bound (ZLB), a structural break is introduced and real stock returns no longer respond to inflation and monetary policy cyclicality.
Risk Inflation And The Stock Market
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Author : Robert S. Pindyck
language : en
Publisher:
Release Date : 1983
Risk Inflation And The Stock Market written by Robert S. Pindyck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Corporations categories.
Most explanations for the decline in share values over the past two decades have focused on the concurrent increase in inflation.This paper considers an alternative explanation: a substantial increase in the riskiness of capital investments. We show that the variance of firms' real gross marginal return on capital has increased significantly, increasing the relative riskiness of investors' returns on equity, and that this can explain a large part of the market decline. We also assess the effects of increase in the mean and variance of the inflation rate, and a decline in firms' expected return on capital.
The Era Of Uncertainty
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Author : Francois Trahan
language : en
Publisher: John Wiley & Sons
Release Date : 2011-07-13
The Era Of Uncertainty written by Francois Trahan and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-13 with Business & Economics categories.
Macroeconomic Investment Strategies for an Era of Economic Uncertainty “Over the years, François’ insightful analyses of the business cycle has led to market calls that have both benefitted investors on the upside and (more important to many) protected them from losses on the downside. François’ incredible track record in successfully interpreting the trends that can be found in leading indicators and other macroeconomic data have also led to his well deserved reputation as an expert in sector rotation - providing investors on both the long and short side of the market opportunities to profit from his ideas. In my opinion, his most important and influential macro prediction to date was his call in the middle of the last decade when he predicted that the worst housing crisis in American history would soon be upon us, and that it would have far-ranging implications for both the global economy and world financial markets.”
Inflation Tax Rules And Capital Formation
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2009-05-15
Inflation Tax Rules And Capital Formation written by Martin Feldstein and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-15 with Business & Economics categories.
Inflation, Tax Rules, and Capital Formation brings together fourteen papers that show the importance of the interaction between tax rules and monetary policy. Based on theoretical and empirical research, these papers emphasize the importance of including explicit specifications of the tax system in such study.
Stock Prices And Monetary Policy
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Author : Paul De Grauwe
language : en
Publisher: CEPS
Release Date : 2008
Stock Prices And Monetary Policy written by Paul De Grauwe and has been published by CEPS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Monetary policy categories.
The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.
Responses Of The Stock Market To Macroeconomic Announcements Across Economic States
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Author : Zuliu Hu
language : en
Publisher: International Monetary Fund
Release Date : 1998-05-01
Responses Of The Stock Market To Macroeconomic Announcements Across Economic States written by Zuliu Hu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-05-01 with Business & Economics categories.
Is the stock market responsive to macroeconomic news? This paper employs the daily returns of the Dow Jones Industrial Index, the S&P 500 index, the Russell 1000 index, and the Russell 2000 index to examine stock market reactions to a broad list of macroeconomic announcements, including money supply, inflation, employment, housing starts, and trade balances, etc. Several announcements concerning real economic activity that have received little attention in previous research are shown to have a significant impact on stock prices. The paper also presents preliminary evidence for the different reaction to macroeconomic news by small cap stocks and large cap stocks.
The Stock Market Channel Of Monetary Policy
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Author : Ralph Chami
language : en
Publisher:
Release Date : 2006
The Stock Market Channel Of Monetary Policy written by Ralph Chami and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders` demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal.
Capital Markets Under Inflation
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Author : Nicholas K. Bruck
language : en
Publisher: Johns Hopkins University Press
Release Date : 1982
Capital Markets Under Inflation written by Nicholas K. Bruck and has been published by Johns Hopkins University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Business & Economics categories.
Studies prepared for the International Seminar on Capital Markets under Inflationary Conditions, held in Buenos Aires in November 1981.