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26 p, 3.5 MB The effects of monetary policy on stock market bubbles : some evidence / Galí, Jordi, 1961- (CREI lectures in macroeconomics) ; Gambetti, Luca (Universitat Autònoma de Barcelona. Departament d'Economia i d'Història Econòmica)
We estimate the response of stock prices to monetary policy shocks using a time-varying coefficients VAR. Our evidence points to protracted episodes in which stock prices end up increasing persistently in response to an exogenous tightening of monetary policy. [...]
2015 - 10.1257/mac.20140003
American economic journal. Macroeconomics, Vol. 7 Núm. 1 (2015) , p. 233-257  
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