Taking Stock: Monetary Policy Transmission to Equity Markets

Abstract

Introduction 2. Monetary policy and equity markets: conceptual issues and data 1 3. Overall stock market reaction to monetary policy 1 4. Industry effects, the credit channel and Tobin's q 1 4.1 Industry-specific effects 1 4.2 Firm-specific effects 1 5. Propensity score matching 2 5.1 Algorithm of propensity score matching 2 5.2 Empirical results 2 6. Conclusions