The Long-Run Effects of the Fed’s Monetary Policy on the Dynamics among Major Asset Classes

Abstract

It is well known that government monetary policies significantly impact financial markets. There have been numerous studies examining the relationship between monetary policy and the prices of financial assets, including equities and bonds. Little, however, has been done to explore the impact of major financial assets on changes in monetary policies.

Keywords

• monetary policy
• cointegration and error correction models
• portfolio management
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