货币政策的影响股票价格【外文翻译】

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1、外文翻译原文TheImpactofMonetaryPolicyonStockPricesMaterialSource:choolofManagement,UniversityofBath,Bath,UK；DepartmentofEconomics,UniversityofGlasgow,Glasgow,UKAutor:ChristosIoannidisandAlexandrosKontonikasb*Previousempiricalevidencebroadlysupportsthenotionthatrestrictive.monetarypo

2、licydecreases(increases)contemporaneousstockreturns,aswellasexpectedstockreturns.Thesestudiestypicallyrelatestockreturnstomeasuresofmonetarypolicystringencyinthecontextofsingleequationspecificationsand/ormultivariateVectorAutoregressions.Inthispaperwetakeacloserlookattheimpact

3、ofmonetarypolicyonstockreturnsbyutilisingthirtyyearsofdataacrossthirteenOECDcountries.Giventheconsiderabledebateontherelativemeritsofmoneyaggregatesduringthelate1970sandearly1980s,weadoptthenowadaysstandardapproachofmeasuringmonetarypolicyusinginterestratevariables.Weexpandpre

4、viousworkbyexaminingthesensitivityofourfindingstotheinclusionofdividendpaymentsinthestockreturnscalculation,whileconsideringbothnominalandrealreturns.Ourresultsindicatethatforthemajorityofthecountriesunderinvestigationthemonetaryenvironmentisanimportantdeterminantofinvestors’r

5、equiredreturns.Wealsoexaminethecontemporaneouseffectofmonetarypolicyonstockreturnstakingintoaccountthenon-normalitytypicallyinherentinsuchdataaswellasthesignificantco-movementofinternationalstockmarkets.Themainresult,thatexpansionarymonetarypolicybooststhestockmarket,remainsla

6、rgelyrobustinmostsamplecountries.Theimplicationsofsuchfindingsformonetarypolicymakingandinvestorportfolioformationarehighlyimportant.Centralbankersandstockmarketparticipantsshouldbeawareoftherelationshipbetweenmonetarypolicyandstockmarketperformanceinordertobetterunderstandthe

7、effectsofpolicyshifts.Monetaryauthoritiesinparticularfacethedilemmaofwhethertoreacttostockpricemovements,aboveandbeyondthestandardresponsetoinflationandoutputdevelopments.Thereisanongoingdebateinthemonetarypolicyrulesliteraturebetweentheproactiveandreactiveapproach.Ontheonehan

8、d,theproactiveviewadvocatesthatmonetarypolicymakersshouldalte