Stock Returns over the FOMC Cycle
研究发现自1994年以来，股票溢价完全出现在FOMC会议后的第0、2、4、6周，并证实美联储通过意外宽松政策影响股市，降低股权溢价，非正式沟通是信息传递渠道。
ABSTRACT We document that since 1994, the equity premium is earned entirely in weeks 0, 2, 4, and 6 in Federal Open Market Committee (FOMC) cycle time, that is, even weeks starting from the last FOMC meeting. We causally tie this fact to the Fed by studying intermeeting target changes, Fed funds futures, and internal Board of Governors meetings. The Fed has affected the stock market via unexpectedly accommodating policy, leading to large reductions in the equity premium. Evidence suggests systematic informal communication of Fed officials with the media and financial sector as a channel through which news about monetary policy has reached the market.