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Finance Research Seminars supported by Unigestion

The Swiss Finance Institute at EPFL and the University of Lausanne organize joint research seminars in finance. The seminars attract speakers from academic institutions around the world and cover a variety of topics of interest to both academics and research-oriented professionals.

Unigestion, an independent asset manager, is pleased to support this series of seminars. By encouraging academic research, the firm's aim is to foster innovation in the financial industry.

Information on the seminars is sent regularly via our mailing-list. Do not hesitate subscribe to our mailing-list if you would like to be informed about future seminars.

The seminars usually take place on Fridays from 10:30 am to 12:00 pm in room 126 at Extranef on the campus of the University of Lausanne. Please visit planete.unil.ch/plan for directions

 

The Economics of the Fed Put

Annette VISSING-JORGENSEN (University of California at Berkeley, Haas School of Business)

May 12, 2017  -  10:30-12:00, room Extranef 126

We study the impact of the stock market on the Federal Reserve’s monetary policy. We analyze the economics behind the “Fed put,” i.e., the tendency for low stock returns to predict accommodating monetary policy. We show that stock returns are a statistically more powerful predictor of Federal funds target changes than standard macroeconomic news releases. Using textual analysis of FOMC minutes and transcripts, we then argue that stock returns cause Fed policy. FOMC participants are more likely to be concerned about the stock market after market declines and the frequency of negative stock market mentions in FOMC documents predicts target rate cuts. The focus on the stock market reflects Fed’s concern about the consumption-wealth effect and about the impact of the stock market on investment, with less role for the stock market simply predicting (as opposed to driving) the economy. We assess whether the Fed may be reacting too much to the stock market by (a) comparing the sensitivity to the stock market of the Fed’s growth, unemployment and inflation forecasts with the stock-market sensitivity of private sector forecasts, and (b) estimating whether the stock market impacts target changes even after controlling for Fed expectations of economic activity and inflation.

List of next sessions

September 8, 2017 Stefan NAGEL (University of Chicago, Booth School of Business)
10:30-12:00, room Extranef 126

click here [↓] to go to the attached pdf
September 22, 2017 Ashwini AGRAWAL (London School of Economics)
10:30-12:00, room Extranef 126

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September 29, 2017 Christopher HENNESSY (London Business School)
10:30-12:00, room Extranef 126

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October 6, 2017 Lu ZHANG (The Ohio State University, Fisher College of Business)
10:30-12:00, room Extranef 126

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October 27, 2017 Francesca CORNELLI (London Business School)
10:30-12:00, room Extranef 126

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November 10, 2017 Jessica JEFFERS (University of Pennsylvania, The Wharton School)
10:30-12:00, room Extranef 126

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November 17, 2017 Gerard HOBERG (University of Southern California, Marshall School of Business)
10:30-12:00, room Extranef 126

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January 12, 2018 Benjamin HEBERT (Stanford University, Graduate School of Business)
10:30-12:00, room Extranef 126

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March 2, 2018 Michael SCHWERT (The Ohio State University, Fisher College of Business)
10:30-12:00, room Extranef 126

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March 16, 2018 Amiyatosh PURNANANDA (University of Michigan, Ross School of Business)
10:30-12:00, room Extranef 126

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April 20, 2018 Igor MAKAROV (London School of Economics)
10:30-12:00, room Extranef 126

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April 27, 2018 Nadya MALENKO (Boston College, Carroll School of Management)
10:30-12:00, room Extranef 126

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May 18, 2018 Frederico BELO (University of Minnesota, Carlson School of Management)
10:30-12:00, room Extranef 126

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May 25, 2018 Andrew ABEL (University of Pennsylvania, The Wharton School)
10:30-12:00, room Extranef 126

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June 1er, 2018 Monika PIAZZESI (Stanford University, Department of Economics)
10:30-12:00, room Extranef 126

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