ver the past several decades, economists have devoted ever-growing effort to developing economic models to help us understand how changes in interest rates brought about by monetary policy actions affect the production and provision of goods and services in the economy. Although New Keynesian models have broad appeal in explaining how changes in the money stock can affect business activity, the...

In this paper, I examine the effects of money supply, aggregate spending, and aggregate supply shocks on real US stock prices in a structural vector autoregression framework. Overall, the empirical results indicate that each macro shock has important effects on real stock prices. The real stock price impulse responses to the various macro shocks conform to the standard present-value equity valu...

Stock markets are affected by many uncertainties and interrelated economic and political factors at both local and global levels. The key to successful stock market forecasting is achieving best results with minimum required input data. To determine the set of relevant factors for making accurate predictions is a complicated task and so regular stock market analysis is very essential. More spec...

By applying knowledge of the "turn-of-the-month" effect investors will improve the risk-adjusted performance of their retirement accounts by using a simple and easily implemented "switching" strategy. Our exploitation of the turn-of-the-month anomaly achieves a 17. 7 percent average annual rate of return by switching between a money market account and a broad market indexed stock account. This ...

Factors affecting stock prices have been studied by many scholars on different markets. However, the number of empirical studies applying technical analysis indicators to measure investor sentiment is quite limited. To explore this interesting topic, study uses Money Flow Index (MFI) indicator an investor's various thresholds and test its effect excess return Vietnam market. Data series includi...

Long-term comovements of national stock markets in three EMS (European Monetary System) countries—France, Germany and Italy—are examined. The EMS stock markets are found to display long-term comovements governed by two common permanent components. To identify some interpretable sources of such long-term market comovements, the study explores whether they can be linked to similar comovements in ...

This section describes a simplified version of the dynamic IS − LM model in Blanchard (1981), that extends this elementary macroeconomic scheme along two dimensions: (i) by considering dynamics, and (ii) by enlarging the set of financial markets beyond the traditional "money" and "bonds". In the model below, the latter extension is limited to the stock market. Stock prices have a forward-lookin...