The Reaction of Real Estate-Related Industries to the Monetary Policy Actions
研究美国货币政策变化对房地产相关行业股票收益的影响，发现意外降息25个基点会带来约170个基点的收益增长，且影响主要通过未来预期股票收益而非实际利率或预期股息实现。
We study the impact of changes in U.S. monetary policy on the equity returns of real estate–related industries. We find that, over the 1989–2005 sample period covered in our study, a hypothetical unexpected rate cut of 25 basis points (bps) is associated with an increase of about 170 bps in the value-weighted returns of real estate–related industries. We find that monetary policy impacts the stock prices in real estate–related industries through its impact on the future expected stock returns and not on real interest rates or expected future dividends. There is also some evidence of asymmetry in the responses of the industry returns to the monetary policy actions. A strong stock price response to reversals in the direction of the Federal Reserve's monetary policy is reported.