Respuesta del retorno accionario a la politica monetaria: Evidencia para el mercado chileno
[Stock return response to monetary policy: Evidence from the Chilean market]
AbstractThis paper analyzes the response of the stock market returns to monetary policy decisions by the Central Bank of Chile. It adopts the event-study methodology in order to gauge the influence of anticipated and unanticipated changes in the Chilean monetary policy interest rate (TPM), decided in every meeting of Monetary Policy Comitee, on the return of stocks traded at Santiago Stock Exchange in the monthly period 2001-2012. Unlike most the literature on this subject, mainly associated with US Federal Reserve monetary policy, no evidence is found on the impact of monetary surprises on stock returns, when surprise is measured using the Economic Expectations Survey.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 41091.
Date of creation: Jul 2012
Date of revision:
event study; inflation targeting; monetary policy; stock returns;
Find related papers by JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-16 (All new papers)
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