Oil, Equities, and the Zero Lower Bound
研究发现2008年底至2014年间石油与股票收益相关性增强，且两者对宏观新闻的反应更敏感，实证表明这是零利率下限改变了经济环境所致。
From late 2008 to 2014, oil and equity returns were more positively correlated than in other periods. In addition, we show that both oil and equity returns became more responsive to macroeconomic news. We provide empirical evidence that these changes resulted from the zero lower bound (ZLB) on nominal interest rates, consistent with the theoretical predictions of a model that includes the ZLB. Although the ZLB alters the economic environment in theory, supportive empirical evidence has been lacking. Our paper provides clear evidence of the ZLB altering the economic environment.