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Cited by 341

The DOI matches its Crossref record; 27 of the 27 references it cites were found in a registry or an index.

Stock Returns over the FOMC Cycle

Open access
CIESLAK, ANNA, MORSE, ADAIR, VISSING‐JORGENSEN, ANNETTE·2019·The Journal of Finance
DOI 10.1111/jofi.12818
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Abstract

We document that since 1994, the equity premium is earned entirely in weeks 0, 2, 4, and 6 in Federal Open Market Committee (FOMC) cycle time, that is, even weeks starting from the last FOMC meeting. We causally tie this fact to the Fed by studying intermeeting target changes, Fed funds futures, and internal Board of Governors meetings. The Fed has affected the stock market via unexpectedly accommodating policy, leading to large reductions in the equity premium. Evidence suggests systematic informal communication of Fed officials with the media and financial sector as a channel through which news about monetary policy has reached the market.

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Crossref · 10.1111/jofi.12818

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Metadata

Authors
CIESLAK, A., MORSE, A., & VISSING‐JORGENSEN, A.
Venue
The Journal of Finance
Publisher
Wiley
Published
2019-06-20
Volume
74
Issue
5
Pages
2201-2248
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/jofi.12818
OpenAlex
W3123846085
Cited by
341
References
27
FWCI
38.38
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Stock Returns over the FOMC Cycle. https://app.cochat.ai/papers/10.1111/jofi.12818
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CIESLAK, A., MORSE, A., & VISSING‐JORGENSEN, A. (2019). Stock Returns over the FOMC Cycle. The Journal of Finance. https://doi.org/10.1111/jofi.12818

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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.