The Reaction of Stock Prices to Unanticipated Changes in Money: A Note

Authors

  • DOUGLAS K. PEARCE,

  • V. VANCE ROLEY

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    • The authors are Visiting Scholar, Federal Reserve Bank of Kansas City, on leave from the University of Missouri, and Assistant Vice President and Economist, Federal Reserve Bank of Kansas City, respectively. They are grateful to Rick Troll and Dan Vrabac for research assistance, and to Michael J. Brennan, Carl E. Walsh, and Paul Wachtel for their comments and suggestions on a previous draft of this paper. The views expressed here are solely those of the authors and do not necessarily represent the views of the Federal Reserve Bank of Kansas City or the Federal Reserve System. This paper is a part of the Financial Markets and Monetary Economics Program of the National Bureau of Economic Research.

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