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Cited by 922

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

On Stock Market Returns and Monetary Policy

Open access
THORBECKE, WILLEM·1997·The Journal of Finance
DOI 10.1111/j.1540-6261.1997.tb04816.x
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Abstract

Financial economists have long debated whether monetary policy is neutral. This article addresses this question by examining how stock return data respond to monetary policy shocks. Monetary policy is measured by innovations in the federal funds rate and nonborrowed reserves, by narrative indicators, and by an event study of Federal Reserve policy changes. In every case the evidence indicates that expansionary policy increases ex‐post stock returns. Results from estimating a multi‐factor model also indicate that exposure to monetary policy increases an asset's ex‐ante return.

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Crossref · 10.1111/j.1540-6261.1997.tb04816.x

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Metadata

Authors
THORBECKE, W.
Venue
The Journal of Finance
Publisher
Wiley
Published
1997-06
Volume
52
Issue
2
Pages
635-654
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1997.tb04816.x
OpenAlex
W1982558172
Cited by
922
References
2
FWCI
23.41
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: On Stock Market Returns and Monetary Policy. https://app.cochat.ai/papers/10.1111/j.1540-6261.1997.tb04816.x
The paper
THORBECKE, W. (1997). On Stock Market Returns and Monetary Policy. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1997.tb04816.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.