Abstract:This article investigates monetary policy and stock market interaction across 41 developed and developing economies using GMM-Panel VAR model. The analysis is undertaken in two sub-periods—before and after the crisis of 2008 to make a comparative assessment of whether the relationship between monetary policy and stock prices altered in the aftermath of the crisis. We verify the existence of different channels of monetary transmission to stock prices. Our results point to the prevalence of discount rate channel… Show more
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