What Explains the Stock Market's Reaction to Federal Reserve Policy?

By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior

1999 • 5,300 citations

The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors

1988 • 3,689 citations

Permanent and Temporary Components of Stock Prices

1988 • 3,149 citations

A Variance Decomposition for Stock Returns

1991 • 1,817 citations

Monetary policy surprises and interest rates: Evidence from the Fed funds futures market

2001 • 1,699 citations

Bad Beta, Good Beta

2004 • 1,171 citations

Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements

2004 • 1,155 citations

Federal Reserve Information and the Behavior of Interest Rates

2000 • 1,001 citations

What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns

1993 • 935 citations

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1997 • 905 citations

The impact of monetary policy on asset prices

2004 • 901 citations

The Stock Market's Reaction to Unemployment News: Why Bad News Is Usually Good for Stocks

2005 • 782 citations

Measuring The Reaction of Monetary Policy to the Stock Market

2003 • 745 citations

Predictable Stock Returns: The Role of Small Sample Bias

1993 • 639 citations

Stock Return Predictability and The Role of Monetary Policy

1997 • 528 citations

What Moves the Stock and Bond Markets? A Variance Decomposition for Long‐Term Asset Returns

1993 • 457 citations

The Fed and Interest Rates—A High-Frequency Identification

2002 • 439 citations

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1995 • 417 citations

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1996 • 385 citations

Federal Reserve interest rate targeting, rational expectations, and the term structure

1995 • 374 citations

Market-Based Measures of Monetary Policy Expectations

2007 • 358 citations

Time-varying risk aversion and unexpected inflation

2003 • 314 citations

Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Markets

2000 • 301 citations

The Fed funds futures rate as a predictor of federal reserve policy

1996 • 289 citations

Identifying VARS based on high frequency futures data

2004 • 246 citations

Market Anticipations of Monetary Policy Actions

2002 • 225 citations

Monetary Policy and Asset Price Volatility

2012 • 218 citations

Events That Shook the Market

2002 • 195 citations

Monetary Policy and Asset Price Volatility

2000 • 178 citations

Do Federal Reserve Policy Surprises Reveal Superior Information about the Economy?

2004 • 97 citations

The Response of Term Rates to Fed Announcements

2004 • 97 citations

Monetary Policy and the Cross‐Section of Expected Stock Returns

2002 • 92 citations

Stock Returns Predictability and the Role of Monetary Policy

1998 • 83 citations

The Stock Market's Reaction to Unemployment News: Why Bad News is Usually Good for Stocks

2001 • 60 citations

Eyes on the prize: How did the fed respond to the stock market?

2008 • 59 citations

Identifying VARs Based on High Frequency Futures Data

2002 • 49 citations

Monetary Policy Shocks and Security Market Responses

2003 • 45 citations

Can VARs Describe Monetary Policy

1998 • 39 citations

Bad Beta, Good Beta

2003 • 29 citations

The Fed's Effect on Excess Returns and Inflation is Much Bigger Than You Think

2002 • 28 citations

The Fed and Stock Market: A Proxy and Instrumental Variable Identification 1

2002 • 18 citations

Market-Based Measures of Monetary Policy Expectations

2002 • 17 citations

Eyes on the Prize: How Did the Fed Respond to the Stock Market?

2004 • 17 citations

Stock Prices, Firm Size, and Changes in the Federal Funds Rate Target

2002 • 8 citations

Stock Prices, Firm Size, and Changes in the Federal Funds Rate Target

2002 • 6 citations