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dc.contributor.advisorΣιώκης, Φώτιοςel
dc.contributor.authorΓκόνης, Κωνσταντίνοςel
dc.descriptionΔιπλωματική εργασία--Πανεπιστήμιο Μακεδονίας, Θεσσαλονίκη, 2023.el
dc.description.abstractThis paper investigates the relationship between the federal funds rate and the S&P 500 index using a vector autoregression (VAR). The VAR model with eight lags suggests that changes in the federal funds rate have a statistically significant impact on the S&P 500, with a one percentage point increase in the federal funds rate associated with a decrease in the S&P 500 of approximately 0.62%. Also 2 dummies were used to determine the effectiveness of forward guidance on the stock market. In the first dummy all the dates where forward guidance language was used, in the second dummy only dates with economic uncertainty where used. The results suggest that forward guidance only has significant effect on equity prices in times of economic uncertainty and if it manages to change GDP growth expectations.en
dc.publisherΠανεπιστήμιο Μακεδονίαςel
dc.rightsΑναφορά Δημιουργού 4.0 Διεθνέςel
dc.subjectForward guidanceen
dc.subjectMonetary policyen
dc.titleStock market returns and monetary policy. Identifying the effect of FED’S forward guidance on the stock market.el
dc.typeElectronic Thesis or Dissertationel
dc.contributor.departmentΔιατμηματικό Πρόγραμμα Μεταπτυχιακών Σπουδών στην Οικονομική Επιστήμηel
Appears in Collections:ΔΠΜΣ Οικονομική Επιστήμη (M)

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