经济
库存(枪支)
政府(语言学)
跳跃
经济衰退
公共政策
股票价格
货币经济学
金融经济学
宏观经济学
计量经济学
语言学
系列(地层学)
古生物学
哲学
工程类
物理
生物
机械工程
量子力学
经济增长
作者
Ľuboš Pástor,Pietro Veronesi
标识
DOI:10.1111/j.1540-6261.2012.01746.x
摘要
ABSTRACT We analyze how changes in government policy affect stock prices. Our general equilibrium model features uncertainty about government policy and a government whose decisions have both economic and noneconomic motives. The model makes numerous empirical predictions. Stock prices should fall at the announcement of a policy change, on average. The price decline should be large if uncertainty about government policy is large, and also if the policy change is preceded by a short or shallow economic downturn. Policy changes should increase volatilities and correlations among stocks. The jump risk premium associated with policy decisions should be positive, on average.
科研通智能强力驱动
Strongly Powered by AbleSci AI