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Assessing the Impact of the ECB's Monetary Policy on the Stock Markets: A Sectoral View

Referierte Aufsätze Web of Science

Konstantin A. Kholodilin, Alberto Montagnoli, Oreste Napolitano, Boriss Siliverstovs

In: Economics Letters 105 (2009), 3, S. 211-213


This paper shows that the ECB's monetary policy has a heterogeneous impact on the sectoral stock market indexes in the Euro Area. We show that the heteroskedasticity based approach of Rigobon (2003) should be preferred to the event study approach.

Konstantin A. Kholodilin

Research Associate in the Macroeconomics Department

JEL-Classification: E44;E47;E52
Keywords: Monetary policy, Stock markets, ECB