Market Reactions to the Federal Reserve's Balance Sheet Normalization Plans
研究了股票市场对美联储资产负债表正常化计划公告的反应，发现市场在公告后下跌，但许多大幅波动源于不影响整体经济的因素。
ABSTRACT: This paper focuses on interpreting the stock market's reactions to Federal Reserve announcements about its balance sheet normalization plans, applying the methodology developed with Francesco Bianchi and Sai Ma. The results indicate that the stock market declines after announcements, suggesting perceived inflexibility in statements about balance sheet normalization, but many of the large reactions to these announcements can be ascribed to forces that move the stock market but not the broader economy.