We document large, longer-term, joint regime shifts in asset valuations and the real federal funds rate-r* spread. To interpret these findings, we estimate a novel macro-finance model of monetary ...

This paper is about the effectiveness of qualitative easing, a form of unconventional monetary policy that changes the risk composition of the central bank balance sheet with the goal of stabilizing ...

The monetary policy must be targeted and proactive to help improve economic structure, and be front-loaded and forward-looking to stay ahead of the market curve. The second is flexibility. The pace, ...

In this paper, we apply the Structure Vector Autoregression (SVAR) model to analyze the impact of U.S. monetary policy on China's stock market. We selected Shanghai Composite Index as a representative ...