The Role of Monetary Policy in Investment Management Summary:
By Robert R. Johnson, CFA and Jeffrey M. Mercer Gerald R. Jensen
- Publisher: Research Foundation of AIMR & Blackwell Publishers
- Number Of Pages: 72
- Publication Date: 2000-11-01
- ISBN-10 / ASIN: 0943205506
- ISBN-13 / EAN: 9780943205502
Although monetary policy is widely believed to influence investment performance, surprisingly little evidence exists to substantiate the nature or significance of the connection. In this monograph, the authors investigate and document the relation betweenmonetary policy and investment performance. In examining the correlation between directional changes in the discount rate and various asset classes, they unearth surprising findings for U.S. stock returns in particular.
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