[1] in Table 4 is almost significant, and its sign is the reverse of the coefficient of u i , t , indicating that the increased severity of the COVID-19 pandemic has partially weakened the transmission of unconventional monetary policies to stock index returns.
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The impact of COVID-19 pandemic on transmission of monetary policy to financial markets.
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The sentences
Obviously, the effects of such unconventional monetary policies on financial markets may not be significant, but their changes can be transmitted directly to the micro-economy and play a positive role in economic recovery.